Senior backbench MPs are being lobbied to set up a powerful US-style committee that would scrutinise the public finances as a whole and try to head off major fiscal disasters.
Chairmen of the existing Select Committees are being urged to back the creation of the new parliamentary body that would scrutinise the public finances ‘in real time', the Daily Mail reports. This ‘Parliamentary Budget Committee' is proposed in a report commissioned by the Chancellor. It would give MPs the ability to spot crises ahead of time rather than investigate them only after things have gone badly wrong as the Public Accounts Committee does. It would be supported by a ‘Parliamentary Budget officer', a senior independent expert charged with advising committee members and helping...
To continue reading this article...
Join Professional Adviser for free
Signup and gain exclusive members-only insights
- Unlimited access to real-time news, industry insights and market intelligence
- Stay ahead of the curve with spotlights on emerging trends and technologies
- Receive breaking news stories straight to your inbox in the daily newsletters
- Make smart business decisions with the latest developments in regulation, investing retirement and protection
- Members-only access to the editor’s weekly Friday commentary
- Be the first to hear about our events and awards programmes
