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1701603

	registered interest
	date	16/04/2024
	answering body	Treasury
	answering dept id	14
	answering dept short name	Treasury
	answering dept sort name	Treasury
	hansard heading	Bank of England: Forecasts
	house id	2
	legislature	25277 pref label House of Lords
	question text	To ask His Majesty's Government what assessment they have made of the review of Bank of England forecasting led by Ben Bernanke.
	tabling member printed	Lord Allen of Kensington
	uin	HL3834
	answer	answer is ministerial correction date of answer 24/04/2024 answer text <p>The Bank of England has operational independence from the government to carry out its statutory responsibilities for monetary policy and financial stability. The government’s commitment to this independence remains absolute.</p><p> </p> answering member printed Baroness Vere of Norbiton question first answered 24/04/2024 11:40:35 answering member 4580 label Biography information for Baroness Vere of Norbiton
	tabling member	4304 label Biography information for Lord Allen of Kensington

1690166

	registered interest
	date	19/02/2024
	answering body	Treasury
	answering dept id	14
	answering dept short name	Treasury
	answering dept sort name	Treasury
	hansard heading	National Income
	house id	2
	legislature	25277 pref label House of Lords
	question text	To ask His Majesty's Government what assessment they have of the underlying cause of the fall in gross domestic product per head in every quarter of 2023, as reported by the Office for National Statistics on 15 February, and what action they are taking to reverse this trend.
	tabling member printed	Lord Allen of Kensington
	uin	HL2511
	answer	answer is ministerial correction date of answer 29/02/2024 answer text <p>The economy has faced an unprecedented series of shocks, including the Covid-19 pandemic and the impact of Russia’s illegal invasion of Ukraine. These have led to challenging economic circumstances.</p><p> </p><p>Looking over a longer timeframe, since 2010 GDP per capita has increased by 12%. Real household disposable income per capita - a more comprehensive measure of household living standards - has grown more than France and Italy since 2010.</p> answering member printed Baroness Vere of Norbiton question first answered 29/02/2024 11:37:45 answering member 4580 label Biography information for Baroness Vere of Norbiton
	tabling member	4304 label Biography information for Lord Allen of Kensington

1682841

	registered interest
	date	17/01/2024
	answering body	Treasury
	answering dept id	14
	answering dept short name	Treasury
	answering dept sort name	Treasury
	hansard heading	Inflation
	house id	2
	legislature	25277 pref label House of Lords
	question text	To ask His Majesty's Government what steps they are taking to bring inflation back to the target of two per cent; and when they expect that to be achieved.
	tabling member printed	Lord Allen of Kensington
	uin	HL1669
	answer	answer is ministerial correction date of answer 31/01/2024 answer text <p>Inflation has halved and was lower in Q4 2023 than had been forecast by the Office for Budget Responsibility (OBR) in the Autumn. Despite the progress there are four key things the government is doing to reduce it further.</p><p> </p><ul><li>Remaining steadfast in our support for the Monetary Policy Committee of the Bank of England as it takes action to return inflation sustainably to the 2% target.</li><li>Keeping borrowing under control. Borrowing is lower this year and next than it was forecast to be in the Spring and the OBR has forecast that government policies in the Autumn Statement will reduce inflation next year.</li><li>Boosting labour supply. Labour market conditions are a key problem affecting UK businesses’ growth, as well as a significant driver of domestic inflation. Together, the packages at Autumn Statement and Spring Budget 2023 were the two largest increases to labour supply and potential GDP resulting from policy the OBR has ever scored.</li><li>Introducing ambitious supply-side measures to support non-inflationary growth, including delivering full expensing to boost investment.</li></ul> answering member printed Baroness Vere of Norbiton question first answered 31/01/2024 12:14:36 answering member 4580 label Biography information for Baroness Vere of Norbiton
	tabling member	4304 label Biography information for Lord Allen of Kensington