The Charter is intended to enhance transparency. In relation to the government’s approach to fiscal policy, the Charter sets out the Treasury’s fiscal objectives, mandate for fiscal policy and the requirements for the contents of Budgets.
Second, the Charter enhances transparency in respect of the statutory remit of the Office for Budget Responsibility’s (OBR). The guidance relates to those functions given to the OBR as set out in the Budget Responsibility and National Audit Act. The Charter does not contain any guidance on the OBR’s methodology, in order to protect the independence of the OBR’s judgments. The Charter can and does, however, add clarity to the statutory remit, reflecting the particular nature of the OBR’s role as producer of the UK’s official forecast, a role which sets it apart from other fiscal councils.
Further information about the OBR can be found on the OBR website.