In October 2015 the UK Parliament approved a revised Charter for Budget Responsibility that requires us to produce a fiscal risks report at least once every two years and the Government to respond to it formally within a year of publication. On 13 July we published a comprehensive review of risks from the economy and financial system, to tax revenues, public spending and the balance sheet, and included a fiscal stress test.
Fiscal risks report overview – July 2017
HM Treasury are legally committed to respond to our Fiscal risks report as outlined in the Charter for Budget Responsibility. On 17 July, the Treasury published their response in Managing Fiscal Risks.