Fiscal Responsibility Bill

I have no need of sympathy from the hon. Gentleman. As the economy emerges from recession, and exceptional uncertainty recedes, the Government believe that it is appropriate to strengthen the fiscal framework. That will support the recovery and is in line with international action. As Governments around the world work together in response to the downturn, many other countries are now choosing to strengthen their fiscal frameworks. Indeed, the International Monetary Fund has highlighted fiscal responsibility laws as a way in which to buttress fiscal adjustment following the financial crisis by strengthening institutional arrangements. The Government have chosen to enhance the fiscal framework through the Bill. The measure will help businesses and investors make long-term plans with confidence about the future fiscal position and the financing environment.