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Members of the House of Lords with experience of and expertise in financial and economic issues, discussed the second reading - and all remaining stages - of the Fiscal Responsibility Bill on 10 February
This Bill is known as a "Money Bill" - these Bills exclusively raise or spend public money and usually start in the House of Commons. The Lords cannot amend Money Bills but can discuss them, and hence committee stage, report stage and third reading are just formalities.
The Bill imposes a statutory duty on the Treasury to meet specific targets for the reduction of government borrowing and debt. The Government believes that this legislation demonstrates its commitment to ensuring the sustainability of the public finances. The Bill gives Parliament a greater role in fiscal policy.
After a wide-ranging discussion on the Bill, Royal Assent was granted and the Bill is now an Act of Parliament (law).
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