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The Charter for Budget Responsibility sets out the government’s fiscal and debt management policy and how this will operate. This includes the government’s fiscal and debt management objectives and its targets which will deliver these objectives (the “fiscal mandate”). The Charter for Budget Responsibility has been modified in March 2014 to include a new cap on welfare expenditure alongside the fiscal mandate, and sets out the details of how this welfare cap will operate. The Charter for Budget Responsibility is provided for by the Budget Responsibility and National Audit Act 2011.