Fiscal Responsibility Act 2010
| Act of Parliament | |
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| Long title | An Act to make provision for and in connection with the imposition of duties for securing sound public finances. |
|---|---|
| Citation | 2010 c. 3 |
| Introduced by | Alistair Darling, Chancellor of the Exchequer [1] (Commons) Lord Myners, Financial Services Secretary to the Treasury (Lords) |
| Territorial extent | England and Wales Scotland Northern Ireland |
| Dates | |
| Royal assent | 10 February 2010 |
| Commencement | 10 February 2010 |
| Repealed | 23 March 2011 |
| Other legislation | |
| Repealed by | Budget Responsibility and National Audit Act 2011, section 10(c) |
Status: Repealed | |
| History of passage through Parliament | |
| Text of statute as originally enacted | |
| Text of the Fiscal Responsibility Act 2010 as in force today (including any amendments) within the United Kingdom, from legislation.gov.uk. | |
The Fiscal Responsibility Act 2010 (c. 3) is an act of the Parliament of the United Kingdom that received Royal assent on 10 February 2010. The act was repealed by section 10(c) of the Budget Responsibility and National Audit Act 2011 on 23 March 2011.[2]
Legislative passage
It was first presented (first reading) in the House of Commons on 10 December 2009 and received its third reading on 20 January 2010.[3] It was first read in the House of Lords on 21 January 2010 and received its second and third readings on 10 February 2010.[4]
Provisions
The act committed the government to reducing the budget deficit.[5] The act imposed legal sanctions for failing to meet various debt and borrowing criteria.[6] The act created a parliamentary procedure for approving medium-term fiscal plans.[7]
Reception
A researcher for the Institute for Fiscal Studies, Gemma Tetlow, criticised the legislation for not providing "credibility".[8]
References
- ↑ "Bills before Parliament". UK Parliament. Retrieved 10 February 2010.
- ↑ The Budget Responsibility and National Audit Act 2011 (Commencement No.1) Order 2011 SI 2011/892
- ↑ "Fiscal Responsibility Act 2010 - Parliamentary Bills - UK Parliament". bills.parliament.uk. Retrieved 2 August 2021.
- ↑ "Fiscal Responsibility Act 2010 - Parliamentary Bills - UK Parliament". bills.parliament.uk. Retrieved 2 August 2021.
- ↑ Seager, Ashley (18 November 2009). "Queen's speech: fiscal responsibility bill". The Guardian. Retrieved 12 June 2026.
- ↑ "Fiscal choices from IFS". BBC News. 6 February 2013. Retrieved 12 June 2026.
- ↑ "Queen's Speech: Bill-by-bill". BBC News. 18 November 2009. Retrieved 12 June 2026.
- ↑ Shifrin, Tash (19 November 2009). "Experts pour scorn on Fiscal Responsibility Bill". Public Finance. Retrieved 12 June 2026.