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The agreement updates the Fiscal Framework, which underpins the powers over tax and welfare that are devolved to Scotland through the Scotland Acts of 2012 and 2016.
The Fiscal Framework was originally agreed in February 2016. In March 2016, the Scottish and UK governments published a further annex to the fiscal framework for the Scottish Government.
In line with the 2016 agreement, the Scottish Government and UK government completed a review of the Fiscal Framework and the associated annex on 20 July 2023, after a parliaments worth of experience.
In February 2019, the Scottish and UK governments agreed the Audit and Accountability Framework. It is jointly published on GOV.UK and GOV.SCOT to accompany the Scottish Governments Fiscal Framework and remains in place following the review of the Fiscal Framework.