The Government has put fiscal stability in the form of a Budget Responsibility Bill at the heart of the King's Speech.
The new bill will ensure a beefed-up role for the Office for Budget Responsibility (OBR).
The OBR will be handed responsibility under the bill for independently assessing all significant tax and spending changes.
Stability would be the cornerstone of his Government's economic policy, said the King, ‘and every decision will be consistent with its fiscal rules'.
Bills will also be brought forward to strengthen audit and corporate governance, alongside pension investment [Draft Audit Reform and Corporate Governance Bill and the Pension Schemes Bill].
Ahead of the speech, Prime Minister Sir Keir Starmer said: ‘We are making sure nobody can play fast and loose with public finances – and that we avoid chaos which leaves families with spiralling bills.
‘A new bill will strengthen the role of the Office of Budget Responsibility, meaning significant fiscal announcements must be properly scrutinised and that taxpayers' money is respected.'