On July 18, 2024, the Budget Responsibility Bill 2024-25 had its
first reading in the House of Commons. Its second reading is
scheduled for July 30, 2024.
Explanatory notes to the Bill explain that it will amend the
Budget Responsibility and National Audit Act 2011 to ensure that if
a government minister proposes to make a fiscal announcement to the
House of Commons in respect of a fiscally significant measure (or
two or more measures, which in any combination are fiscally
significant), the Office for Budget Responsibility must be
requested by HM Treasury to prepare an economic and fiscal forecast
to be published alongside it. Effectively, the fiscal lock will
apply to tax and spending commitments exceeding £30
billion.
