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1-20 of 49 results for subject:Inflation

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Lord Davies of Oldham

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Davies of Oldham, Lord (49)

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My Lords, I was somewhat taken aback by the Minister’s opening statement. I of course recognise that the process we are involved in is a largely technical one with a very short duration so far as the United Kingdom is concerned when we leave the European Union, but the Minister...

Member
Lord Davies of Oldham (Labour)
Type
Proceeding contributions
Date
9 April 2019
Reference
797 cc462-3
House
House of Lords

Lords motion to approve, for the purposes of section 5 of the European Communities (Amendment) Act 1993, the Government's assessment of the medium term economic and fiscal position as set out in the latest Budget document and the Office for Budget Responsibility's most recent Economic and Fiscal Outlook and Fiscal...

Lead member
Lord Bates
Answering member
Lord Davies of Oldham
Department
Treasury
Type
Debates
Date
9 April 2019
Reference
797 cc455-466
House
House of Lords

My Lords, I join colleagues in congratulating the noble Baroness, Lady McIntosh, both on securing the debate and on producing such a challenging and feisty speech to open it. I had worried that we might be revolving around some narrow technicalities with regard to the exchange rate, but she set...

Member
Lord Davies of Oldham (Labour)
Type
Proceeding contributions
Date
17 November 2016
Reference
776 cc1568-1572
House
House of Lords

My Lords, the Minister might try to wear his rose-tinted spectacles, but he knows the facts. He knows that ordinary working people on average have lost £1,600 a year since this Government came into office. He knows that families, through the Government’s tax and benefit changes, have lost £891 pounds a year and he knows from the most recent statistics that zero-hours contracts have

increased threefold since this Government came into office. By heavens, they have a lot to do to make up for those deficits.

Asked by
Lord Davies of Oldham (Labour)
Oral questions - Supplementary
Status
Answered
Date
11 March 2014
Reference
752 c1671
House
House of Lords
My Lords, when energy prices and oil prices rise, the price to the consumer rises very quickly. When world prices fall, the price to the consumer falls very slowly. What are the Government going to do about that?
Asked by
Lord Davies of Oldham (Labour)
Oral questions - Supplementary
Status
Answered
Date
8 June 2011
Reference
728 c262-3
House
House of Lords
My Lords, the Minister will surely recognise that the Government take responsibility for the VAT rise and also take responsibility for the fact that the general inflation rate impacts with particular savagery, through government policies and cuts, on the poor and less well off in our society. In present circumstances, when our citizens are suffering and the growth rate is 2 per cent or below, surely the Government should express more than a little anxiety about the possibility of a rise in interest rates.
Asked by
Lord Davies of Oldham (Labour)
Oral questions - Supplementary
Status
Answered
Date
19 January 2011
Reference
724 c358-9
House
House of Lords

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...

Member
Lord Davies of Oldham (Labour)
Type
Proceeding contributions
Date
8 May 2009
Reference
710 c777-80
House
House of Lords

Bank of England (Amendment) Bill (HL). Lords second reading debate. Agreed to on question and committed to a Committee of the Whole House.

Lead member
Lord Saatchi
Answering member
Lord Davies of Oldham
Department
Treasury
Type
Debates on bills
Date
8 May 2009
Reference
710 c769-81
House
House of Lords

How they intend to ensure that low earners such as municipal refuse collectors do not, during the current economic circumstances, have imposed on them low percentage wage settlements in contrast to bonus-earning and high-salaried surgeons.

Asked by
Lord Maginnis of Drumglass (Crossbench)
Type
Written questions
Status
Answered
Notes
Answer received between Tuesday 5 August and Monday 11 August 2008
Date
29 September 2008
Reference
5114; 703 c328WA
House
House of Lords

Whether they forecast that inflation will stay below 5 per cent over the next year.

Asked by
Lord Steinberg (Conservative)
Type
Written questions
Status
Answered
Notes
Answer received between Tuesday 5 August and Monday 11 August 2008
Date
29 September 2008
Reference
5158; 703 c327WA
House
House of Lords
My Lords, the Bank of England Act 1998 sets the objective for the Bank in relation to monetary policy, which is to maintain price stability and, subject to that, support the economic policy of Her Majesty’s Government, including their objectives for growth and employment. Price stability is the MPC’s primary objective and an essential precondition for economic growth and so must be achieved first and foremost if economic stability is to be assured.
Answered by
Lord Davies of Oldham (Labour)
Type
Oral answers to questions
Date
20 May 2008
Reference
701 c1354
House
House of Lords
My Lords, as I indicated in my Answer, in order to guarantee stability, inflation needs to be controlled. That is the basis on which investment leads to economic growth. The noble Lord is right to say that we are moving into a difficult period, whose duration we are not sure of. The Bank of England has a clear target, which is a signal of its objective and what it will seek to achieve with regard to inflation. That helps the wider economy in the decisions that are taken.
Answered by
Lord Davies of Oldham (Labour)
Type
Oral answers to questions
Date
20 May 2008
Reference
701 c1354
House
House of Lords
My Lords, that is certainly the case. If the Bank of England had different objectives, it would have a different strategy for interest rates. The Bank’s primary objective relates to inflation but I reiterate that its objective is also to pursue a strategy that increases economic growth and helps the economy. It is obviously working in difficult parameters at the present time, but that does not alter the fact that we should have confidence that the strategy that it is pursuing is accurate.
Answered by
Lord Davies of Oldham (Labour)
Type
Oral answers to questions
Date
20 May 2008
Reference
701 c1355
House
House of Lords
My Lords, there are several proposals relating to increases in the cost of living, but the Bank of England operates against the position of the CPI, which is the internationally recognised inflation rate. It is against that that its performance stands against all other comparisons.
Answered by
Lord Davies of Oldham (Labour)
Type
Oral answers to questions
Date
20 May 2008
Reference
701 c1355-6
House
House of Lords
My Lords, the credit crunch is producing a crisis in the financial sector that is probably the greatest since the depression. Therefore, there are implications for the real economy. My noble friend will appreciate that this economy is still growing and that the forecast, even in this most difficult of circumstances, is that it will continue to grow when other economies are not able to do so. That growth guarantees that we will not fall into the same trap as the previous Administration, which was to control inflation through high unemployment.
Answered by
Lord Davies of Oldham (Labour)
Type
Oral answers to questions
Date
20 May 2008
Reference
701 c1355
House
House of Lords
My Lords, the resources that were made available last week were to rectify a fault that had been identified and clearly recognised. They also have the benefit of being fair to the low-paid and of assisting purchasing power in the economy. That does not alter the fact that the Bank of England’s objective, as indicated in the original Question, is to return to target as rapidly as possible.
Answered by
Lord Davies of Oldham (Labour)
Type
Oral answers to questions
Date
20 May 2008
Reference
701 c1355
House
House of Lords
Whether the Monetary Policy Committee of the Bank of England’s inflation target of 2 per cent is constraining the committee’s ability to stimulate economic growth.
Asked by
Lord Bilimoria (Crossbench)
Oral questions - Lead
Status
Answered
Date
20 May 2008
Reference
701 c1354
House
House of Lords

rose to move, That the draft regulations laid before the House on 6 February be approved. The noble Lord said: My Lords, I shall speak to the three orders this afternoon as well. Tax credits, together with child benefit, deliver financial support to the vast majority of families with children...

Member
Lord Davies of Oldham (Labour)
Type
Proceeding contributions
Date
6 March 2008
Reference
699 c1284-5
House
House of Lords

My Lords, I cannot be so peremptory as to suggest what will happen in the next few weeks, but the noble Lord will recognise that the Government look carefully at fuel costs for families. Certainly, if poor families were subject to very exceptional burdens we might address that issue. I...

Member
Lord Davies of Oldham (Labour)
Type
Proceeding contributions
Date
6 March 2008
Reference
699 c1290-2
House
House of Lords

My Lords, we are mindful as a Government that there are needs as regards the winter fuel allowance and that is why we distribute it to individuals. I hear what the noble Baroness says, but I was seeking to make the general point that, of course, we recognise that in...

Member
Lord Davies of Oldham (Labour)
Type
Proceeding contributions
Date
6 March 2008
Reference
699 c1290
House
House of Lords