Proceeding contribution from Lord Lea of Crondall (Labour) in the House of Lords on Wednesday, 2 May 2007. It occurred during Debate on bill on Statistics and Registration Service Bill.
Statistics and Registration Service Bill
I do not know how far my noble friend will have been briefed on the whole history of the RPI, but I was a member of the Retail Prices Index Advisory Committee for many years. There were frequent changes as new products came on the market—there were changes certainly every few meetings—and I do not recall the Treasury vetoing any of them. But what did happen—it was a memorable moment—was that when the RPI Advisory Committee had a debate about housing costs, we made a decision that mortgage interest rates should be retained within the RPI. The Treasury did not so much reject the advice—it was not in a position to do so—but decided to go in the direction of RPI minus X and sell that to the City of London. Will my noble friend take account of that variation on the theme? The down side is that it has led to a proliferation of indices. When we take the international dimension into account, there are now three indices when one counts RPI minus X, and the CPI, which is used internationally. I am a bit doubtful about whether the position is as simple as the Bill or the amendment imply.
Secondary information
- Type
- Proceeding contribution
- Reference
- 691 c1116
- Session
- 2006-07
- Chamber / Committee
- House of Lords chamber
- Subjects
- Disclosure of information Codes of practice Finance Government departments European communities Financial markets Staff Office for National Statistics Statistics United Nations Retail prices index Information Commissioner's Office UK Statistics Authority
- Legislation
- Statistics and Registration Service Bill 2006-07
- Link
- View this Proceeding contribution on www.publications.parliament.uk
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- 2023-12-15 12:00:49 +0000
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