The Fiscal Responsibility Act 2010 (c. 3) is an act of the Parliament of the United Kingdom that received Royal assent on 10 February 2010. The act was repealed by section 10(c) of the Budget Responsibility and National Audit Act 2011 on 23 March 2011.The Budget Responsibility and National Audit Act 2011 (Commencement No.1) Order 2011 SI 2011/892
Legislative passage It was first presented (first reading) in the House of Commons on 10 December 2009 and received its third reading on 20 January 2010. It was first read in the House of Lords on 21 January 2010 and received its second and third readings on 10 February 2010.
Provisions The act committed the government to reducing the budget deficit. The act imposed legal sanctions for failing to meet various debt and borrowing criteria. The act created a parliamentary procedure for approving medium-term fiscal plans.
Reception A researcher for the Institute for Fiscal Studies, Gemma Tetlow, criticised the legislation for not providing "credibility".
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