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638273

	registered interest
	date	17/11/2016
	answering body	HM Treasury
	answering dept id	14
	answering dept short name	Treasury
	answering dept sort name	CaTreasury
	hansard heading	Bank of England
	house id	2
	legislature	25277 pref label House of Lords
	question text	To ask Her Majesty’s Government what assessment they have made of the extent to which the Bank of England should be independent of the Government.
	tabling member printed	Lord Taylor of Warwick
	uin	HL3343
	answer	answer is ministerial correction date of answer 24/11/2016 answer text <p>A comprehensive Review of the Monetary Policy Framework was published in 2013, considering the benefits and costs of a number of different monetary policy frameworks. The review concluded that operational independence has helped improve credibility and accountability of monetary policy, leading to stable inflation and inflation expectations, and in turn macroeconomic stability.</p><p> </p><p>The current remit for the Monetary Policy Committee reflects the assessment set out in the 2013 Review, which reaffirms the Bank of England’s operation independence and a flexible inflation targeting framework.</p> answering member printed Lord Young of Cookham question first answered 24/11/2016 17:30:06 answering member 57 label Biography information for Lord Young of Cookham
	tabling member	1796 label Biography information for Lord Taylor of Warwick

598111

	registered interest
	date	10/10/2016
	answering body	HM Treasury
	answering dept id	14
	answering dept short name	Treasury
	answering dept sort name	CaTreasury
	hansard heading	Bank of England
	house id	2
	legislature	25277 pref label House of Lords
	question text	To ask Her Majesty’s Government, in the light of comments by Kristin Forbes, a member of the Bank of England's Monetary Policy Committee, on possible over-counting of the economic effects of Brexit, what assessment they have made of the Bank of England's growth forecasts.
	tabling member printed	Lord Taylor of Warwick
	uin	HL2140
	answer	answer is ministerial correction date of answer 18/10/2016 answer text <p>The government has produced no such assessment of the independent Monetary Policy Committee’s forecasts for the UK economy.</p><p> </p><p>The independent Office for Budget Responsibility (OBR) has the responsibility to produce detailed forecasts for the economy and public finances twice a year. The OBR will produce forecasts to accompany the Autumn Statement on 23 November.</p><p> </p> answering member printed Lord Young of Cookham question first answered 18/10/2016 14:25:54 answering member 57 label Biography information for Lord Young of Cookham
	tabling member	1796 label Biography information for Lord Taylor of Warwick