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Answering member
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Lord Darling of Roulanish
Type
House
Session
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Department
Member
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Answering member
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Darling of Roulanish, Lord (26)
Legislative stage
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I believe that bonus payments should be tied to the performance and increased performance of companies.
I believe that bonus payments should be tied to the performance and increased performance of companies.
Answered by
Lord Darling of Roulanish
(Labour)
Asked by
David Hamilton
(Labour)
Answering body
Treasury
Type
Oral answers to questions
If he will initiate research into whether bonus payments to those working in the financial sector have an effect on the rate of inflation.
Subjects
Financial services; Inflation; Private sector; Pay; Research; Performance related pay
Date
5 June 2008
Reference
476 c907
Chamber / Committee
House of Commons chamber
House
House of Commons
On post office closures, as the hon. Gentleman will know, a problem that has faced our Government and his Government before that is that, over the longer period, fewer and fewer people use post offices. The National Federation of SubPostmasters recognises that problem, which is why the proposals that I put forward a couple of years ago were designed to ensure that there was a viable network, but there is no getting away from the fact that we must ensure that the Post Office is properly supported. We have put a great deal of public money into the Post Office, but we must also ensure that the network is viable. To pretend that it can be easily fixed or to do something else would be quite wrong.
On post office closures, as the hon. Gentleman will know, a problem that has faced our Government and his Government before that is that, over the longer period, fewer and fewer people use post offices. The National Federation of SubPostmasters recognises that problem, which is why the proposals that I put forward a couple of years ago were designed to ensure that there was a viable network, but there is no getting away from the fact that we must ensure that the Post Office is properly supported. We have put a great deal of public money into the Post Office, but we must also ensure that the network is viable. To pretend that it can be easily fixed or to do something else would be quite wrong.
Answered by
Lord Darling of Roulanish
(Labour)
Asked by
Lord Bellingham
(Conservative)
Answering body
Treasury
Type
Oral answers to questions
Does the Chancellor agree that the huge bonus paid to Adam Crozier is completely unjustified, when small but viable rural sub-post offices are being closed?
Subjects
Financial services; Inflation; Private sector; Pay; Research; Performance related pay
Date
5 June 2008
Reference
476 c908
Chamber / Committee
House of Commons chamber
House
House of Commons
I do not think that that has a terribly significant inflationary impact, and of course, all bonuses are taxed, usually at the higher rate. However, when boards fix bonuses for their executives, they should ensure that they are tied to the long-term interests of their companies. That has not always happened in the past, as we have seen. It is important that people are given incentives to consider what is in the long-term good of the company involved, because that must be in the best interests of our whole economy.
I do not think that that has a terribly significant inflationary impact, and of course, all bonuses are taxed, usually at the higher rate. However, when boards fix bonuses for their executives, they should ensure that they are tied to the long-term interests of their companies. That has not always happened in the past, as we have seen. It is important that people are given incentives to consider what is in the long-term good of the company involved, because that must be in the best interests of our whole economy.
Answered by
Lord Darling of Roulanish
(Labour)
Asked by
David Hamilton
(Labour)
Answering body
Treasury
Type
Oral answers to questions
While it is true to say that the £15 billion paid out in City bonuses last year has fallen back to £7 billion, which is a meagre drop, two directors have received personal bonuses of £200 million. Does the Chancellor understand why the public sector is asking why there is one rule for some and another rule for others? Surely such bonuses must have an inflationary impact, and we should review that position.
Subjects
Financial services; Inflation; Private sector; Pay; Research; Performance related pay
Date
5 June 2008
Reference
476 c907
Chamber / Committee
House of Commons chamber
House
House of Commons
I think that the chief executive of that bank is retiring for health reasons. On bonuses generally, I said just a few moments ago that I believe that boards should ensure that the way in which they reward their executives ought to be geared towards the long-term improved performance of their institutions, and that has not always happened. On my right hon. Friend's general comments, it is quite obvious that a number of banks did not understand the nature and scale of the risks to which they became exposed. However, that does not help any of us in the immediate period, because we have to live with and resolve the consequences; but I agree that boards ought to be far more diligent in ensuring that they reward people for doing things that are right for the company in the long term, because the public and their shareholders expect that people should be paid for success and not for failure.
I think that the chief executive of that bank is retiring for health reasons. On bonuses generally, I said just a few moments ago that I believe that boards should ensure that the way in which they reward their executives ought to be geared towards the long-term improved performance of their institutions, and that has not always happened. On my right hon. Friend's general comments, it is quite obvious that a number of banks did not understand the nature and scale of the risks to which they became exposed. However, that does not help any of us in the immediate period, because we have to live with and resolve the consequences; but I agree that boards ought to be far more diligent in ensuring that they reward people for doing things that are right for the company in the long term, because the public and their shareholders expect that people should be paid for success and not for failure.
Answered by
Lord Darling of Roulanish
(Labour)
Asked by
Lord McFall of Alcluith
(Labour)
Answering body
Treasury
Type
Oral answers to questions
Warren Buffett, the world's richest financier, said this about the credit crunch a couple of weeks ago:"““The banks exposed themselves too much. They took on too much risk. It's their fault. There's no one else to blame.””"
But despite that reckless disregard of risk, the banks have rewarded the bankers, in particular, in both good and bad times. The Governor of the Bank of England and the Financial Services Authority have expressed concern to the Treasury Committee about that structure. Will the Government work with us in our financial stability and transparency inquiry to ensure that we have a payment system that rewards success only and not failure—today, we have seen a profits warning from the Bradford and Bingley and the chief executive has departed with a golden nest egg?
Subjects
Financial services; Inflation; Private sector; Pay; Research; Performance related pay
Date
5 June 2008
Reference
476 c908
Chamber / Committee
House of Commons chamber
House
House of Commons
The Government have indeed taken temporary ownership of Northern Rock. We had to employ staff, and we had to pay the appropriate rate. Frankly, I would rather pay the appropriate rate, get some good management in there, sort out the problems of Northern Rock and then return it to the private sector. I am sorry that the hon. Gentleman does not support that.
The Government have indeed taken temporary ownership of Northern Rock. We had to employ staff, and we had to pay the appropriate rate. Frankly, I would rather pay the appropriate rate, get some good management in there, sort out the problems of Northern Rock and then return it to the private sector. I am sorry that the hon. Gentleman does not support that.
Answered by
Lord Darling of Roulanish
(Labour)
Asked by
Philip Dunne
(Conservative)
Answering body
Treasury
Type
Oral answers to questions
As the Government are now the owner of one of the largest mortgage providers in the country, what inflationary impact has the Chancellor caused by paying £1 million to the chief executive of Northern Rock? Can the right hon. Gentleman name any other chief executive of a mortgage provider who earns more than £1 million a year?
Subjects
Financial services; Inflation; Private sector; Pay; Research; Performance related pay
Date
5 June 2008
Reference
476 c907
Chamber / Committee
House of Commons chamber
House
House of Commons
If he will initiate research into whether bonus payments to those working in the financial sector have an effect on the rate of inflation.
If he will initiate research into whether bonus payments to those working in the financial sector have an effect on the rate of inflation.
Asked by
David Hamilton
(Labour)
Answered by
Lord Darling of Roulanish
(Labour)
Answering body
Treasury
Oral questions - Lead
Status
Answered
Tabled on
2 June 2008
For answer on
5 June 2008
Answered on
5 June 2008
I believe that bonus payments should be tied to the performance and increased performance of companies.
Subjects
Financial services; Inflation; Private sector; Pay; Research; Performance related pay
Date
5 June 2008
Reference
476 c907; 208602
Chamber / Committee
House of Commons chamber
House
House of Commons
To ask the Secretary of State for Social Security, what inflation assumption and what financial provision was made in the Comprehensive Spending Review for 2000-01 for the uprating of the basic state pension. - Including ref to table B1 of the Financial Statement and Budget Report 1998 (HC620) and page...
To ask the Secretary of State for Social Security, what inflation assumption and what financial provision was made in the Comprehensive Spending Review for 2000-01 for the uprating of the basic state pension. - Including ref to table B1 of the Financial Statement and Budget Report 1998 (HC620) and page...
Asked by
Paul Burstow
(Liberal Democrat)
Answered by
Lord Darling of Roulanish
(Labour)
Answering body
Department of Social Security
Type
Written questions
Status
Answered
Tabled on
2 November 1999
For answer on
8 November 1999
Answered on
8 November 1999
Mr. Burstow: To ask the Secretary of State for Social Security what inflation assumption and what financial provision was made in
the Comprehensive Spending Review for 2000-01 for the uprating of the basic state pension. [97480]
Mr. Darling: Financial provision for the costs of uprating is set by reference to the most recent inflation assumption. Inflation
assumptions for 2000-01 underpinning forecasts for expenditure for the Comprehensive Spending Review are set out at page 108 table
B1 of the Financial Statement and Budget Report 1998 (HC620). These forecasts were updated in November 1998 and for the Budget in
March 1999. The inflation assumptions underlying the Department's latest expenditure forecasts are set out on page 89 of the Social
Security Departmental Report (Cm 4214).
Subjects
Inflation; Pensions; Uprating
Date
8 November 1999
Reference
97480; 337 c382W
House
House of Commons
The economy. Fifteenth opposition day debate (part 1). Motion negatived on division (310 to 139). Amendment agreed on question.
The economy. Fifteenth opposition day debate (part 1). Motion negatived on division (310 to 139). Amendment agreed on question.
Lead member
Lord Maude of Horsham
Answering member
Lord Darling of Roulanish
Department
Treasury
Type
Opposition days
Subjects
Interest rates; Economic situation; Economic and monetary union; Euro; Inflation; Mortgages; Monetary policy; Tax allowances; Tax burden
Date
29 June 1998
Reference
315 c19-77
Chamber / Committee
House of Commons chamber
House
House of Commons
To ask Mr Chancellor of the Exchequer, if he will recalculate tables 4.4, 4.5, 4.6 and 4.7 in the Economic and Fiscal Strategy Report on the assumption that the retail price index excluding mortgage interest payments averages (a) 3.0 per cent. in 1998-99 and 2.75 per cent. in 1999-2000 and...
To ask Mr Chancellor of the Exchequer, if he will recalculate tables 4.4, 4.5, 4.6 and 4.7 in the Economic and Fiscal Strategy Report on the assumption that the retail price index excluding mortgage interest payments averages (a) 3.0 per cent. in 1998-99 and 2.75 per cent. in 1999-2000 and...
Asked by
David Heathcoat-Amory
(Conservative)
Answered by
Lord Darling of Roulanish
(Labour)
Answering body
Treasury
Type
Written questions
Status
Answered
Tabled on
17 June 1998
For answer on
23 June 1998
Answered on
23 June 1998
Mr. Heathcoat-Amory: To ask the Chancellor of the Exchequer if he will recalculate tables 4.4, 4.5, 4.6 and 4.7 in the Economic and
Fiscal Strategy report on the assumption that the retail prices index excluding mortgage interest payments averages (a) 3.0 per
cent. in 1998-99 and 2.75 per cent. in 1999-2000 and (b) 3.25 per cent. in 1998-99 and 3.0 per cent. in 1999-2000. [46848]
Mr. Darling: [holding answer 22 June 1998]: The implications for the public finances of inflation higher than assumed in the
Economic and Fiscal Strategy Report will depend on the reasons why inflation was higher, and the impact of such inflation on the
economy.
Subjects
Inflation; Public finance
Date
23 June 1998
Reference
314 c449W; 46848
House
House of Commons
To ask Mr Chancellor of the Exchequer, what adjustment mechanism will be available to the Treasury for public expenditure in circumstances when inflation outturns diverge substantially from Treasury planning assumptions. - Ref to Section 3.4 of the EFSR (Cm 3978). (Holding answer 18 June 1998).
To ask Mr Chancellor of the Exchequer, what adjustment mechanism will be available to the Treasury for public expenditure in circumstances when inflation outturns diverge substantially from Treasury planning assumptions. - Ref to Section 3.4 of the EFSR (Cm 3978). (Holding answer 18 June 1998).
Asked by
Lord Bruce of Bennachie
(Liberal Democrat)
Answered by
Lord Darling of Roulanish
(Labour)
Answering body
Treasury
Type
Written questions
Status
Answered
Tabled on
15 June 1998
For answer on
23 June 1998
Answered on
23 June 1998
Mr. Malcolm Bruce: To ask the Chancellor of the Exchequer what adjustment mechanism will be available to the Treasury for public
expenditure in circumstances when inflation outturns diverge substantially from Treasury planning assumptions; and if he will make a
statement. [46382]
Mr. Darling: [holding answer 18 June 1998]: I refer the hon. Gentleman to Section 3.4 of the EFSR (CM 3978).
Subjects
Inflation; Public expenditure
Date
23 June 1998
Reference
314 c449-50W;314 c450W; 46382
House
House of Commons
Answered by
Lord Darling of Roulanish
(Labour)
Answering body
Treasury
Type
Oral answers to questions
Subjects
Economic policy; Inflation
Date
12 March 1998
Reference
308 c747
Chamber / Committee
House of Commons chamber
House
House of Commons
To ask Mr Chancellor of the Exchequer, What forecasts he has made for inflation up to 2000. (Failed OPQ) - Ref to Cm 3804.
To ask Mr Chancellor of the Exchequer, What forecasts he has made for inflation up to 2000. (Failed OPQ) - Ref to Cm 3804.
Asked by
David Amess
(Conservative)
Answered by
Lord Darling of Roulanish
(Labour)
Answering body
Treasury
Type
Written questions
Status
Answered
Tabled on
29 January 1998
For answer on
12 February 1998
Answered on
12 February 1998
Mr. Amess: To ask the Chancellor of the Exchequer what forecasts he has made for inflation up to 2000. [27222]
Mr. Darling: The November 1997 Pre-Budget Report (Cm 3804) included inflation forecasts up to the end of 2000.
Subjects
Economic policy; Inflation; Forecasts
Date
12 February 1998
Reference
306 c378W; 27222
House
House of Commons
Answered by
Lord Darling of Roulanish
(Labour)
Answering body
Treasury
Type
Oral answers to questions
Subjects
Interest rates; Inflation; Scotland
Date
12 February 1998
Reference
306 c543;306 c541
Chamber / Committee
House of Commons chamber
House
House of Commons
Answered by
Lord Darling of Roulanish
(Labour)
Asked by
John Swinney
(Scottish National Party)
Answering body
Treasury
Type
Oral answers to questions
To ask Mr Chancellor of the Exchequer, What analysis he has undertaken of the impact of the current level of interest rates on the Scottish economy. -
Subjects
Interest rates; Inflation; Scotland
Date
12 February 1998
Reference
306 c543;306 c541
Chamber / Committee
House of Commons chamber
House
House of Commons
To ask Mr Chancellor of the Exchequer, What analysis he has undertaken of the impact of the current level of interest rates on the Scottish economy. -
To ask Mr Chancellor of the Exchequer, What analysis he has undertaken of the impact of the current level of interest rates on the Scottish economy. -
Asked by
John Swinney
(Scottish National Party)
Answered by
Lord Darling of Roulanish
(Labour)
Answering body
Treasury
Oral questions - Lead
Status
Answered
Tabled on
29 January 1998
For answer on
12 February 1998
Answered on
12 February 1998
Subjects
Interest rates; Inflation; Scotland
Date
12 February 1998
Reference
306 c543;306 c541; 27207
Chamber / Committee
House of Commons chamber
House
House of Commons
To ask Mr Chancellor of the Exchequer, What estimate he has made of the effect of higher than planned inflation on the real value of public expenditure plans in (a) the current and (b) the next financial year. (Failed OPQ)
To ask Mr Chancellor of the Exchequer, What estimate he has made of the effect of higher than planned inflation on the real value of public expenditure plans in (a) the current and (b) the next financial year. (Failed OPQ)
Asked by
Evan Harris
(Liberal Democrat)
Answered by
Lord Darling of Roulanish
(Labour)
Answering body
Treasury
Type
Written questions
Status
Answered
Tabled on
13 November 1997
For answer on
27 November 1997
Answered on
27 November 1997
Dr. Harris: To ask the Chancellor of the Exchequer what estimate he has made of the effect of higher than planned inflation on the
real value of public expenditure plans in (a) the current and (b) the next financial year. [16614]
Mr. Darling: Public expenditure planning is carried out on a cash basis. The plans announced in July for the Control Total will be
adhered to. Departments need to keep a tight grip on their pay and other costs in order to provide the best possible services to the
public.
Subjects
Inflation; Public expenditure
Date
27 November 1997
Reference
16614; 301 c660W
House
House of Commons
Answered by
Lord Darling of Roulanish
(Labour)
Answering body
Treasury
Type
Oral answers to questions
Subjects
Inflation
Date
27 November 1997
Reference
301 c1077-8
Chamber / Committee
House of Commons chamber
House
House of Commons
Answered by
Lord Darling of Roulanish
(Labour)
Answering body
Treasury
Type
Oral answers to questions
Subjects
Inflation
Date
27 November 1997
Reference
301 c1077
Chamber / Committee
House of Commons chamber
House
House of Commons
To ask Mr Chancellor of the Exchequer, If he will comment on his policy for controlling inflation. -
To ask Mr Chancellor of the Exchequer, If he will comment on his policy for controlling inflation. -
Asked by
David Ruffley
(Conservative)
Answered by
Lord Darling of Roulanish
(Labour)
Answering body
Treasury
Oral questions - Lead
Status
Answered
Tabled on
13 November 1997
For answer on
27 November 1997
Answered on
27 November 1997
Subjects
Inflation
Date
27 November 1997
Reference
301 c1077; 16590
Chamber / Committee
House of Commons chamber
House
House of Commons
Answered by
Lord Darling of Roulanish
(Labour)
Asked by
David Ruffley
(Conservative)
Answering body
Treasury
Type
Oral answers to questions
To ask Mr Chancellor of the Exchequer, If he will comment on his policy for controlling inflation. -
Subjects
Inflation
Date
27 November 1997
Reference
301 c1077
Chamber / Committee
House of Commons chamber
House
House of Commons