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Alistair Darling, Chancellor of the Exchequer, moved the second reading in the Commons of the Fiscal Responsbility Bill which was passed by 265 votes to 196
The Bill imposes a statutory duty on the Treasury to meet specific targets for the reduction of government borrowing and debt and gives Parliament a greater role in fiscal policy.
The Bill requires the Treasury to make sure that:
The Bill also requires the Treasury to report to Parliament in the Budget and in Pre-Budget Reports and provide an explanation if the targets are missed.
The Bill now goes to a Committee of the whole House for detailed consideration.
When a Bill passes its second reading and is considered in detail, this usually takes place in a Public Bill Committee held outside the Chamber. But occasionally a Bill will be considered by a Committee of the whole House and this discussion takes place in the Commons Chamber itself.
Any Bill can be referred to a Committee of the whole House, but the procedure is normally reserved for finance Bills and other important or controversial legislation.
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