1-20 of 23 results for subject:Inflation
Librarians' tools
- Search time
- 0.273 seconds
- Solr query time
- 0.014 seconds
- Search query
- subject:Inflation
- We searched for
- subject_t:Inflation OR subject_ses:91661
Type
House
Session
Year
Department
Member
Primary member
Answering member
Legislative stage
Legislation
More
Subject
Publisher
To ask Her Majesty’s Government whether they or the Bank of England have taken legal advice on the Bank of England’s compliance with the legal requirements set under Section 11 of the Bank of England Act 1998.[HL5957]
To ask Her Majesty’s Government whether they or the Bank of England have taken legal advice on the Bank of England’s compliance with the legal requirements set under Section 11 of the Bank of England Act 1998.[HL5957]
Section 11 of the Bank of England Act 1998 states that the objectives of the Bank of England are to maintain price stability and, subject to that, to support the economic policy of the Government.
Section 12 of the Act deals with the specifications of matters relevant to the objectives. As required under Section 12, at Budget 2012, the Chancellor set the remit for the independent Monetary Policy Committee (MPC). The remit specifies price stability as an inflation rate of 2% measured by the 12-month increase in the consumer prices index, which is the operational target of the MPC.
The MPC sets monetary policy in order to meet the 2% inflation target in the medium term. Legal advice has not been sought, as the remit recognises that on occasions the actual inflation rate will depart from its target as a result of shocks and disturbances. The remit states: “Attempts to keep inflation at the inflation target in these circumstances may cause undesirable volatility in output”.
To ask Her Majesty’s Government when was the last time HM Treasury, under Section 12 of the Bank of England Act 1998, wrote to the Bank of England specifying (1) what price stability should be taken to consist of, and (2) what the economic policy of Her Majesty’s Government is...
To ask Her Majesty’s Government when was the last time HM Treasury, under Section 12 of the Bank of England Act 1998, wrote to the Bank of England specifying (1) what price stability should be taken to consist of, and (2) what the economic policy of Her Majesty’s Government is...
The Bank of England Act 1998 states that the objectives of the Bank of England are to maintain price stability and, subject to that, to support the economic policy of the Government. Section 12 of the Act requires the Chancellor to specify what price stability is taken to consist of and the Government’s economic policy objectives at least once in every period of 12 months beginning on the anniversary of the day the Act came into force.
The Chancellor specified these objectives in a letter to the Governor of the Bank of England, with a remit for the MPC, on 21 March 2012, alongside Budget
20121. The Chancellor specified price stability as an inflation rate of 2% measured by the 12-month increase in the consumer prices index (CPI), which is the operational target for monetary policy. The Chancellor confirmed that the Government’s economic policy objective is to achieve strong, sustainable and balanced growth that is more evenly shared across the country and between industries.
The remit states further: “The framework takes into account that any economy at some point can suffer from external events or temporary difficulties, often beyond its control. The framework is based on the recognition that actual inflation rate will on occasions depart from its target as a result of shocks and disturbances. Attempts to keep inflation at the inflation target in these circumstances may cause undesirable volatility in output”.
A copy of the remit and the Chancellor’s letter to the governor can be found in the Library of the House.
1 http://www.hm-treasury.gov.uk/d/open_letter_from_ chx_to_boe_ 21032012.pdf
That the Bill be read a second time.
That the Bill be read a second time.
My Lords, I congratulate the noble Lord, Lord Saatchi, on introducing this Bill, which gives us a chance to consider an important aspect of the British economy. He will have noted that we had five hours of general debate yesterday, in which he was unfortunately unable to participate. We would...
My Lords, I congratulate the noble Lord, Lord Saatchi, on introducing this Bill, which gives us a chance to consider an important aspect of the British economy. He will have noted that we had five hours of general debate yesterday, in which he was unfortunately unable to participate. We would...
My Lords, I intervene briefly in the gap, which gives me the chance to thank the noble Lord, Lord Saatchi, for introducing his Bill. We will have a very interesting Second Reading debate. I rise to put two questions in the context of the Bill to the Minister in the...
My Lords, I intervene briefly in the gap, which gives me the chance to thank the noble Lord, Lord Saatchi, for introducing his Bill. We will have a very interesting Second Reading debate. I rise to put two questions in the context of the Bill to the Minister in the...
My Lords, I thank the usual channels for arranging the time for this Bill to be heard today. It is a privilege to have the opportunity to introduce this legislation into your Lordships' House. Shakespeare taught us that human beings can have a fatal flaw. So, too, can legislation. The...
My Lords, I thank the usual channels for arranging the time for this Bill to be heard today. It is a privilege to have the opportunity to introduce this legislation into your Lordships' House. Shakespeare taught us that human beings can have a fatal flaw. So, too, can legislation. The...
My Lords, I pay tribute to my noble friend Lord Saatchi for yet again challenging the House. I wish that he would spend more time in your Lordships' House enlivening our debates. As my noble friend reminded us, the issue that is addressed by his Bill was debated at length...
My Lords, I pay tribute to my noble friend Lord Saatchi for yet again challenging the House. I wish that he would spend more time in your Lordships' House enlivening our debates. As my noble friend reminded us, the issue that is addressed by his Bill was debated at length...
My Lords, it is a great pleasure to speak in this debate and have the noble Lord, Lord Saatchi, back with us taking a leading part in debates on economic affairs. It is also a great pleasure to see the noble Lord, Lord McIntosh, in his place, because the Bill...
My Lords, it is a great pleasure to speak in this debate and have the noble Lord, Lord Saatchi, back with us taking a leading part in debates on economic affairs. It is also a great pleasure to see the noble Lord, Lord McIntosh, in his place, because the Bill...
My Lords, I am most grateful to your Lordships' House for the time it has taken over this Bill and I am very appreciative of the three Front Benches and the noble Lord, Lord Dykes. I do not want to detain noble Lords for more than a minute in my...
My Lords, I am most grateful to your Lordships' House for the time it has taken over this Bill and I am very appreciative of the three Front Benches and the noble Lord, Lord Dykes. I do not want to detain noble Lords for more than a minute in my...
Bank of England (Amendment) Bill (HL). Lords second reading debate. Agreed to on question and committed to a Committee of the Whole House.
Bank of England (Amendment) Bill (HL). Lords second reading debate. Agreed to on question and committed to a Committee of the Whole House.