Charter for Budget Responsibility — Aiming for Budget Surplus — Cap on Welfare Spending — 14 Oct 2015 at 20:45
George Osborne MP, Tatton voted for reducing public borrowing and in favour of capping welfare spending.
The majority of MPs voted for reducing public borrowing, aiming for a budget surplus in normal times, and in favour of capping welfare spending.
The motion supported by the majority of MPs taking part in this vote was:
- That the Charter for Budget Responsibility: autumn 2015 update which was laid before the House on 12 October, be approved.
The Charter for Budget Responsibility: autumn 2015 update states:
- The Treasury’s objectives for fiscal policy are to:
- ensure sustainable public finances that support confidence in the economy, promote intergenerational fairness, and ensure the effectiveness of wider government policy
- support and improve the effectiveness of monetary policy in stabilising economic fluctuations
Under the heading "Mandate for fiscal policy" the document continues:
In normal times, once a headline surplus has been achieved, the Treasury’s mandate for fiscal policy is:
- a target for a surplus on public sector net borrowing in each subsequent year
For the period outside normal times from 2015-16 the Treasury’s mandate for fiscal policy is:
- a target for a surplus on public sector net borrowing by the end of 2019-20
The previous mandate for fiscal policy was included in the Autumn 2014 Charter for Budget Responsibility Update was:
- a forward - looking aim to achieve cyclically - adjusted current balance by the end of the third year of the rolling, 5-year forecast period.
The autumn 2015 update which was the subject of this vote added this period until 2019-20, the Treasury’s mandate for fiscal policy is supplemented by:
- a target for public sector net debt as a percentage of GDP to be falling in each year
The charter also contains a section on capping welfare spending,
- To ensure that expenditure on welfare remains sustainable, the Treasury’s mandate for fiscal policy is further supplemented by:
- the cap on welfare spending, at a level set out by the Treasury in the most recently published Budget report, over the rolling 5-year forecast period, to ensure that expenditure on welfare is contained within a predetermined ceiling.
The section on the welfare cap remained unchanged following the approval of the autumn 2015 update.
See also:: Vote on Charter for Budget Responsibility: Autumn Statement 2014 Update — 13 Jan 2015.
The March 2015 budget states the 2015-16 Welfare Cap is £119.7bn and gives forecast spending in the scope of the cap in that year as £120.6bn
-  Charter for Budget Responsibility: autumn 2015 update
-  Autumn 2014 Charter for Budget Responsibility Update
-  Budget document, March 2015
Votes by party, red entries are votes against the majority for that party.
What are Boths? An MP can vote both aye and no in the same division. The boths page explains this.
What is Turnout? This is measured against the total membership of the party at the time of the vote.
|Party||Majority (Aye)||Minority (No)||Both||Turnout|
|Con||312 (+2 tell)||0||0||95.2%|
|Lab||0||191 (+2 tell)||0||83.2%|