HM Treasury-OBR Framework update
29 May 2014 11:33 AM
Updated framework
document has been published setting out the broad governance and management
rules within which the OBR operates.
Yesterday (28 May 2014) HM
Treasury and the independent Office for Budget Responsibility (OBR) publish an
updated OBR and HM Treasury Framework document,
revised by HM Treasury in consultation with the OBR.
The update published yesterday
meets the requirement to review the contents of the framework at a minimum once
in every three year period, and is consistent with additions to
the OBR’s responsibilities with respect to the welfare cap policy
and forecasting of devolved taxes for Scotland and Wales.
The framework document also sets
out in Annex A the formal delegation of the OBR’s financial
responsibilities for 2014 to 2015 through to 2017 to 2018, updated from
the OBR’s initial budget settlement agreed in 2011.
This multi-annual settlement
supports the independence of the OBR by providing them with the
certainty to plan and manage their resources through to 2017 to
2018.