To make provision for a Charter for Budget Responsibility and for the Publication of Financial Statements and Budget Reports; to establish the Office for Budget Responsibility; to make provision about the Comptroller and Auditor General and to establish a body corporate called the National Audit Office; to amend Schedules 5 and 7 to the Government of Wales Act 2006 in relation to the Auditor General for Wales; and for connected purposes.
The Bill establishes the Office for Budget Responsibility on a statutory basis, following its creation after the 2010 General Election. It requires the Treasury to publish a Charter for Budget Responsibility setting out its approach to fiscal policy.
The Bill also confirms a new corporate governance structure for the National Audit Office, under a new paid post of Chair, who would develop a joint strategy with the Comptroller and Auditor General.