11AFinancial policy objectives and strategies statement

11A Financial policy objectives and strategies statement (1) The purposes of a financial policy objectives and strategies statement included in a proposed budget under section 11 (1) (a) are— (a) to make transparent the government’s financial strategies; and (b) to establish a benchmark for evaluating the government’s conduct of financial policy.

(2) The statement must be based on the principles of responsible fiscal management. (3) The statement must— (a) state the government’s long-term financial objectives within which financial policy for the financial year and the next 3 financial years will be framed; and (b) explain the broad strategic priorities on which the budget is based; and (c) state the key financial measures that the government has identified as being important and against which financial policy will be set and assessed; and (d) state, for the financial year and the next 3 financial years— (i) the government’s short-term financial objectives; and (ii) the targets for each stated key financial measure; and (e) explain how the financial objectives and strategic priorities mentioned in paragraphs (a), (b) and (d) relate to the principles of responsible fiscal management; and (f) state the reasons for any changes from the previous financial policy objectives and strategies statement. principles of responsible fiscal management—see section 11 (7).