Article 2 Duty to secure sound public finances

The Treasury must ensure that, for the financial year ending in 2014, public sector net borrowing expressed as a percentage of gross domestic product is 5.5% or less.

The duty in paragraph (1) only applies if half of public sector net borrowing expressed as a percentage of gross domestic product for the financial year ending 2010 as set out in the Treasury’s first report made to Parliament under section 3(3) of the Act is more than 5.5%.