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date	2020-12-08
min answer › date of answer	2020-12-21
uin	HL11243

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registered interest

date

exactly:

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answering body

answering dept id

answering dept short name

answering dept sort name

hansard heading

house id

legislature


pref label

question text

tabling member printed

uin

answer

is ministerial correction

date of answer

exactly:

or between:
and

answer text

answering member printed

grouped question UIN

question first answered

answering member


label

tabling member


label

1259507

registered interest

date

08/12/2020

answering body

Treasury

answering dept id

answering dept short name

Treasury

answering dept sort name

Treasury

hansard heading

Monetary Policy

house id

legislature

25277

pref label	House of Lords

question text

To ask Her Majesty's Government, further to the Written Answer by Lord Agnew of Oulton on 3 December (HL10488) and the exchange of letters between the Bank of England and HM Treasury on the Asset Purchase Facility on 29 January 2009, what assessment they have made of the implications of the confirmation in these letters that the financing of the Asset Purchase Facility by central bank money would require HM Treasury consent for the question of whether it is appropriate for the Government to comment on the effectiveness of quantitative easing; and what assessment they have made of the effects of quantitative easing on the increase in house prices compared to increases in wages.

tabling member printed

The Lord Bishop of St Albans

uin

HL11243

answer

is ministerial correction

date of answer

21/12/2020

answer text

<p>The Bank of England’s Asset Purchase Facility is indemnified by HM Treasury. Due to this indemnity any decision to increase the limit of purchases to be financed through the issuance of central bank reserves requires Chancellor authorisation. However, the judgement of what size and composition of the Asset Purchase Facility is warranted is for the independent Monetary Policy Committee. The separation of fiscal and monetary policy is a key feature of the UK’s economic framework, and the Government does not comment on the conduct and effectiveness of monetary policy.</p>

answering member printed

Lord Agnew of Oulton

grouped question UIN

HL11242

question first answered

21/12/2020 10:54:53

answering member

4689

label	Biography information for Lord Agnew of Oulton

tabling member

4308

label	Biography information for The Lord Bishop of St Albans