Treasury Questions

The most publicly-viewed, and least productive, part of the Parliamentarian's day when Ministers of the Crown are brought in front of the opposition and summarily raked over the coals. Of course, nothing is ever really asked and nothing is ever really answered, but it makes for good theatre.
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Sir Jack Anderson
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Re: Treasury Questions

Post by Sir Jack Anderson »

Madam Speaker,

I thank the Shadow Chancellor his question.

I have seen the proposals laid out by the Shadow Chancellor. They are interesting. But interesting is not enough to garner my support.

I think Select Committees should have the right to scrutinise appointments, but they should not have the right to make appointments. Governments, not Select Committees, are elected to make such decisions. And while it is my understanding that the Shadow Chancellor’s proposal would still have the Chancellor make appointments but merely have to explain his decision to Parliament should the Treasury Select Committee disapprove, I would say such proposals are toothless.

With that said, I intend to have a constructive and productive relationship with the Governor of the Bank of England, and fully respect the independence this Labour government granted it in the face of Tory opposition. I will discuss the Shadow Chancellor’s proposals with the Governor, and if he feels there is pressing need for reform that is something I will seriously consider.
Sir Jack Anderson
Labour Party.
Member of Parliament for Southampton Test
Chair of the Treasury Select Committee. (2000-2001)
Chancellor of the Exchequer. (2001-)
First Secretary of State. (2001-)
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Sir Nicholas Mountstuart
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Re: Treasury Questions

Post by Sir Nicholas Mountstuart »

Madam Speaker,

Will the Chancellor inform Parliament whether he has spoken to the Governor of the Bank of England since the Budget was laid before the House?
Rt Hon. Sir Nicholas Mountstuart Bt QC MP
Leader of Her Majesty's Most Loyal Opposition (2001-Present)

Member of Parliament for Penrith and the Border (1997-Present)
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Sir Jack Anderson
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Re: Treasury Questions

Post by Sir Jack Anderson »

Madam Speaker,

First, I’d like to express my condolences to the Shadow Chancellor for his recent loss. I am sure he is in the thoughts of all across the House.

Secondly, I would inform the House and the Shadow Chancellor that I ensure I keep a consistent dialogue with the Governor of the Bank of England. There was communication prior to the budget, communication after it and there will continue to be communication.
Sir Jack Anderson
Labour Party.
Member of Parliament for Southampton Test
Chair of the Treasury Select Committee. (2000-2001)
Chancellor of the Exchequer. (2001-)
First Secretary of State. (2001-)
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Sir Nicholas Mountstuart
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Re: Treasury Questions

Post by Sir Nicholas Mountstuart »

Thank you Madam Speaker,

Can I thank the Rt Hon. Gentleman for his kind words of sympathy, at what is admittedly a very difficult time for me and my family.

In light of what he has just said, will the Chancellor of the Exchequer tell the House what specific plans he has in place, and what advice he has received from the Governor, to avoid house prices spiralling dangerously out of control, forming a bubble, and then sharply crashing?
Rt Hon. Sir Nicholas Mountstuart Bt QC MP
Leader of Her Majesty's Most Loyal Opposition (2001-Present)

Member of Parliament for Penrith and the Border (1997-Present)
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Sir Jack Anderson
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Re: Treasury Questions

Post by Sir Jack Anderson »

Madam Speaker,

I thank the Shadow Chancellor for his question, and of course congratulate him on his ascension.

I will be frank that in our discussions I received no specific advice from the Governor - but, as always, I am willing to consult him on such matters. While it is premature to say that there is going to be an inevitable bubble formed and burst, the rising house prices are of concern to the government. Housing is not my department, but I do know the Housing Secretary intends to establish an action plan which involves both more investment - as we saw in the budget - and changes to Britain's regulatory structure so we can get Britain building again. I will of course take the necessary fiscal measures to support the Housing Secretary in such an endeavour.
Sir Jack Anderson
Labour Party.
Member of Parliament for Southampton Test
Chair of the Treasury Select Committee. (2000-2001)
Chancellor of the Exchequer. (2001-)
First Secretary of State. (2001-)
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