Overview

This bill amends the 2011 Budget Responsibility and National Audit Act. It adds a new "fiscal mandate" requiring the Treasury to consider infrastructure investment, intergenerational fairness, and economic competitiveness when setting fiscal policy. Independent expert consultation is mandated.

Description

The bill inserts a new section (1A) into the 2011 Act. This section outlines a new "fiscal mandate" for the Treasury when setting budgetary plans. The Treasury must consider:

• The need for continued investment in infrastructure (as defined in the 2012 Infrastructure Act).
• The need to avoid a substantially negative impact on intergenerational fairness (defined as the overall wealth of future generations).
• The need to maintain the UK's economic competitiveness.

The Treasury is required to consult independent experts when considering these factors.

Government Spending

The bill doesn't directly allocate or change government spending. Instead, it influences how the government makes spending decisions by adding considerations of long-term impact and infrastructure investment to the process. No specific figures on increased or decreased spending are provided in the bill itself.

Groups Affected

The bill will affect:

• The Treasury: The bill places new requirements and responsibilities on the Treasury's budgeting process.
• Future generations: The bill aims to protect their long-term economic well-being by considering intergenerational fairness.
• Infrastructure sectors: The emphasis on infrastructure investment could lead to increased funding for related projects.
• Independent economic experts: These experts will be consulted and play a role in advising the Treasury's fiscal policy.

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