Overview

This bill amends the 2011 Budget Responsibility and National Audit Act. It adds a "fiscal mandate" requiring the Treasury to consider infrastructure investment, intergenerational fairness, and UK economic competitiveness when setting fiscal policy, mandating consultation with independent experts.

Description

The bill modifies the 2011 Budget Responsibility and National Audit Act by inserting a new section (1A) focused on a "fiscal mandate". This mandate requires the Treasury to consider three key factors when preparing the fiscal mandate under Section 1(2)(b) of the original Act:

• Continued investment in infrastructure: The need for ongoing investment in infrastructure projects.
• Intergenerational fairness: The impact of fiscal decisions on the overall wealth of future generations.
• UK economic competitiveness: The need to maintain the UK's competitive position in the global economy.

The Treasury is also required to consult independent experts when considering these factors. The bill defines "infrastructure" as it is defined in the 2012 Infrastructure (Financial Assistance) Act and "intergenerational fairness" as the overall wealth of future generations.

Government Spending

The bill does not directly allocate or restrict government spending. Instead, it influences how the government approaches spending decisions by introducing considerations of infrastructure investment, intergenerational fairness, and economic competitiveness into the fiscal planning process. No specific figures are provided in the bill itself regarding the financial implications.

Groups Affected

The bill could affect various groups including:

• Future generations: Their economic well-being will be considered more explicitly in government fiscal planning.
• Infrastructure sectors: Increased focus on infrastructure investment may lead to increased funding and project development.
• Economists and other experts: They will be consulted by the Treasury in the development of the fiscal mandate.
• The general public: Indirectly affected through the government's fiscal policies informed by the new mandate.

Powered by nyModel