Written statement: Draft Charter for Budget Responsibility: Autumn 2025 - Jan 27

Minister for Pensions (Torsten Bell): At Budget 2025 the government strengthened the fiscal framework to deliver on its commitment to hold one major fiscal event per year, supporting the economy with greater policy certainty. Responding to recommendations made by the IMF, the government set out that it would legislate to ensure the OBR assesses performance against the fiscal rules once a year at the Budget. Finance (No. 2) Bill includes an amendment to the Budget Responsibility and National Audit Act 2011, the underlying primary legislation that sets out the requirement for fiscal rules assessments.

The Draft Charter for Budget Responsibility: Autumn 2025 has been published on GOV.UK. The Charter already set out government's commitment to hold one major fiscal event per year. This update to the Charter makes technical changes to deliver the policy announced at Budget 2025 relating to fiscal rules assessments, complementing the changes being made to the Budget Responsibility and National Audit Act. The updated Charter will be laid before Parliament, and a debate and vote scheduled in due course.

A copy of the document is available on https://www.gov.uk/government/publications/draft-charter-for-budget-responsibility-autumn-2025