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of <h1>Finance Bill 2012: Amendments to Fiscal Responsibility Act Introduce Medium-term Expenditure Framework for Greater Transparency.</h1> Clause 147 of the Finance Bill, 2012 proposes amendments to Section 3 of the Fiscal Responsibility and Budget Management Act, 2003. It introduces the Medium-term Expenditure Framework Statement as a fiscal policy statement, requiring it to be presented to Parliament alongside existing fiscal policy statements. The amendments mandate a detailed analysis of assumptions and a three-year rolling target for expenditure indicators. The Statement must also include major policy changes, contingent liabilities, and a breakdown of grants for capital assets. These changes aim to enhance transparency and accountability in fiscal policy management.
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