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Debate on Monday, 3 November 2008, in the House of Lords, led by Lord Myners. The answering member was Baroness Noakes.

Economy

Lords debate on motion to take note of the current economic situation. Agreed to on question.

Secondary information

Type
Parliamentary proceeding
Reference
705 c12-114 
Session
2007-08
Department
Treasury
Chamber / Committee
House of Lords chamber
Proceeding contributions
Lord Saatchi | 705 c67 (Link to this contribution) My Lords, many noble Lords want to know what went wrong. Perhaps your Lordships would allow me to ta...
Lord Peston | 705 c67 (Link to this contribution) My Lords, does the noble Lord mean Frank Paish or does he mean Bill Phillips?
Show all contributions (75)
Lord Saatchi | 705 c67-9 (Link to this contribution) My Lords, I am not sure. Noting the expectation of higher prices, unions would press for higher wage...
Lord MacGregor of Pulham Market | 705 c57-60 (Link to this contribution) My Lords, one problem with speaking at this stage of the debate—it must be far worse for those furth...
Lord Skidelsky | 705 c60-2 (Link to this contribution) My Lords, I would like to follow the structure of the speech of the noble Lord, Lord Lawson, althoug...
Baroness O'Cathain | 705 c62-4 (Link to this contribution) My Lords, I welcome this debate and hope that following the Minister’s opening speech with its long ...
Lord Burns | 705 c64-6 (Link to this contribution) My Lords, I thank the noble Lord, Lord Myners, for introducing the debate and join other noble Lords...
Lord Peston | 705 c55-7 (Link to this contribution) My Lords, one should never wish for anything because one’s wish may come true. On the Tuesday after ...
Lord Lawson of Blaby | 705 c57 (Link to this contribution) My Lords, I said that it has to happen because consumers’ balance sheets need to be rebuilt. It may ...
Lord Peston | 705 c57 (Link to this contribution) My Lords, the point that I am trying to make is that that is the medium-term solution that we should...
Lord Taverne | 705 c52-3 (Link to this contribution) My Lords, I believe that one lesson of the credit crunch is that we should look again at the case fo...
Lord Griffiths of Fforestfach | 705 c54-5 (Link to this contribution) My Lords, I remind the House of my interests that are relevant to the subject, which are documented ...
Lord Peston | 705 c50 (Link to this contribution) My Lords, I want merely to point out, in reference to a first-class journalist who gets his stories ...
Lord Forsyth of Drumlean | 705 c50-2 (Link to this contribution) My Lords, I do not need an inquiry into the conduct of Mr Peston, but I should like an inquiry into ...
Lord McIntosh of Haringey | 705 c48-9 (Link to this contribution) My Lords, I have two disqualifications for intervening in this debate. First, my great-grandfather w...
Lord Forsyth of Drumlean | 705 c50 (Link to this contribution) My Lords, I say to the noble Lord, Lord McIntosh, that it is possible for regulation to be onerous a...
Lord Smith of Clifton | 705 c44-6 (Link to this contribution) My Lords, there can be no doubting the seriousness of the current economic crisis that the UK faces ...
Lord Lamont of Lerwick | 705 c46-8 (Link to this contribution) My Lords, I join others in congratulating the noble Lord, Lord Myners, on his post and his arrival i...
Lord Powell of Bayswater | 705 c40-2 (Link to this contribution) My Lords, I draw attention to my declaration of interests in the register. I congratulate the Minist...
Baroness Shephard of Northwold | 705 c42-4 (Link to this contribution) My Lords, I should like, in my turn, to welcome the Minister to the Dispatch Box. I feel sure that, ...
Lord Sheldon | 705 c87-8 (Link to this contribution) My Lords, in examining the economic situation, the share price volatility has been commented upon as...
Lord Sheikh | 705 c90-2 (Link to this contribution) My Lords, I accept that the present economic situation has been affected by global economic factors,...
Viscount Eccles | 705 c94-5 (Link to this contribution) My Lords, I will concentrate on the short term. I suggest that the answer to the question, ““How did...
Lord Higgins | 705 c74-6 (Link to this contribution) My Lords, one can begin only by saying, ““Better late than never””. It is absurd that, after months ...
Lord Lea of Crondall | 705 c72-4 (Link to this contribution) My Lords, I look forward to hearing more in future from my noble friend Lord Myners, whom I welcome ...
Lord Tugendhat | 705 c70-2 (Link to this contribution) My Lords, the strictures levied at the banks by the noble Lord, Lord Barnett, are, in many cases, we...
Lord Eatwell | 705 c78-80 (Link to this contribution) My Lords, in the face of the most severe economic circumstances encountered by this country since th...
Lord Crickhowell | 705 c76-8 (Link to this contribution) My Lords, one of the most bizarre features of the financial crisis and this debate has been the pres...
Lord Ryder of Wensum | 705 c83-5 (Link to this contribution) My Lords, after succeeding Tony Blair, Gordon Brown published a Green Paper on the constitution, in ...
Baroness Vadera | 705 c109-14 (Link to this contribution) My Lords, it is rare for this Chamber to have an extensive debate on the economy; but the insight of...
Lord Howard of Rising | 705 c107-9 (Link to this contribution) My Lords, we on this side of the House were delighted to hear the noble Lord, Lord Myners, say this ...
Lord Forsyth of Drumlean | 705 c16 (Link to this contribution) My Lords, on the specific package that the Minister mentioned—the so-called bail-out package for ban...
Lord Myners | 705 c12-6 (Link to this contribution) rose to move, That this House takes note of the current economic situation. The noble Lord said: My...
Lord Myners | 705 c16 (Link to this contribution) My Lords, the correct agency to investigate any suggestion that there was impropriety in markets is ...
Lord Trimble | 705 c16 (Link to this contribution) My Lords, would it not be appropriate for the Government to consider whether their own officials hav...
Lord Myners | 705 c16 (Link to this contribution) My Lords, that is not an issue on which I can comment. It is a matter for the Financial Services Aut...
Lord Myners | 705 c16-8 (Link to this contribution) My Lords, I agree with my noble friend. As recent events have shown, we need more effective global ...
Lord Lang of Monkton | 705 c18 (Link to this contribution) My Lords, the noble Lord has just repeated what the Prime Minister and the Chancellor have repeatedl...
Lord Lea of Crondall | 705 c16 (Link to this contribution) My Lords, if the Opposition are so keen on inquiries, it would be sensible if they recognised that a...
Lord Myners | 705 c19 (Link to this contribution) My Lords, I was not boasting; I was sharing the facts with the House. The price of oil has fallen su...
Baroness Oppenheim-Barnes | 705 c19 (Link to this contribution) My Lords, while the Minister is boasting about the fall in oil prices, will he also acknowledge that...
Lord Myners | 705 c18-9 (Link to this contribution) My Lords, the currency markets are febrile and volatile and we have seen the phenomenal strength of ...
Baroness Noakes | 705 c20-1 (Link to this contribution) My Lords, I thank the Minister for introducing this important debate, for which we have been pressin...
Lord Myners | 705 c20 (Link to this contribution) My Lords, I am grateful to the noble Lord, Lord Shutt, for his comments. My noble friend Lord Desai ...
Lord Soley | 705 c21 (Link to this contribution) My Lords, the noble Baroness’s party has indicated that it wants to take interventions, and I am gra...
Lord Davies of Oldham | 705 c20 (Link to this contribution) My Lords, before my noble friend replies, and I am sure he will, it will have been noticed by the Ho...
Lord Ryder of Wensum | 705 c19 (Link to this contribution) My Lords, does the Minister agree with his noble friend Lord Desai, who wrote in the Evening Standar...
Lord Shutt of Greetland | 705 c20 (Link to this contribution) My Lords, I am here to respond to this debate in due course, but I have to say that I am at one with...
Lord Strathclyde | 705 c20 (Link to this contribution) My Lords, that is a good attempt by the noble Lord to protect the Minister, but I thought the Minist...
Baroness Noakes | 705 c21 (Link to this contribution) My Lords, we may have low debt but we do not have relatively low debt compared with other industrial...
Lord Eatwell | 705 c21 (Link to this contribution) My Lords, I am afraid that the noble Baroness is misinformed. The debt to GDP ratio of the UK is the...
Baroness Noakes | 705 c21-4 (Link to this contribution) My Lords, I quoted the Institute for Fiscal Studies, a well known institute which has excellent mate...
Lord Newby | 705 c24-8 (Link to this contribution) My Lords, no doubt like many other noble Lords, I accumulated in the run-up to the Summer Recess a g...
Lord Howe of Aberavon | 705 c38-40 (Link to this contribution) My Lords, I feel rather disturbed by the fact that people say to me from time to time that, as a for...
Lord Haskel | 705 c36-8 (Link to this contribution) My Lords, as other noble Lords have said, the past few weeks have seen some extraordinary events, wh...
Lord Blyth of Rowington | 705 c34-6 (Link to this contribution) My Lords, since the present Government came to power in 1997, I have consistently described their pr...
Bishop of Chelmsford | 705 c33-4 (Link to this contribution) My Lords, it is always difficult for us to come to terms with a fundamental truth that we are not in...
Lord Lawson of Blaby | 705 c30-3 (Link to this contribution) My Lords, at the heart of this debate lie two questions: how did we get into this mess and, now that...
Lord Bilimoria | 705 c28-30 (Link to this contribution) My Lords, last week during a debate I tabled on reforming global financial institutions, it was made...
Lord Bates | 705 c88-90 (Link to this contribution) My Lords, it has been a privilege to listen to this debate for the past five hours, which has increa...
Baroness Valentine | 705 c92-4 (Link to this contribution) My Lords, this is a timely debate and I am grateful to the noble Lord, Lord Myners, for its scheduli...
Earl of Courtown | 705 c97-8 (Link to this contribution) My Lords, as many noble Lords will be aware, this is not a subject on which I speak often. However, ...
Lord James of Blackheath | 705 c95-7 (Link to this contribution) My Lords, I came to this debate with a pick-and-mix text on the grounds that the debate would last a...
Lord Northbrook | 705 c100-3 (Link to this contribution) My Lords, I am grateful to the noble Lord, Lord Desai, for reiterating government policy. Like other...
Lord Desai | 705 c98-100 (Link to this contribution) My Lords, being No. 42 on the speakers’ list and the last to speak from the Labour Benches is either...
Lord Taylor of Warwick | 705 c85-7 (Link to this contribution) My Lords, someone once said, ““Greed is good””. That was the dreadfully misguided mantra of Gordon G...
Baroness Vadera | 705 c114 (Link to this contribution) My Lords, I have not dealt with a number of questions. I would be very happy to answer them. On divi...
Lord Forsyth of Drumlean | 705 c114 (Link to this contribution) My Lords, would the Minister deal with the specific questions which I asked her about the bail-out: ...
Lord Shutt of Greetland | 705 c105-7 (Link to this contribution) My Lords, it has been a long debate and a fair time since 3.15 this afternoon. I thought that we wer...
Lord Watson of Richmond | 705 c82-3 (Link to this contribution) My Lords, there is something rather statuesque about the title of this debate; that the House, "““ta...
Lord Barnett | 705 c69-70 (Link to this contribution) My Lords, I thank the noble Lord, Lord Saatchi, for his reference to what I have said on a number of...
Lord Naseby | 705 c80-1 (Link to this contribution) My Lords, I declare an interest as chairman of an investment trust. Before I start my speech I shall...
Lord Selsdon | 705 c103-5 (Link to this contribution) My Lords, when you speak in the position that I do, you have spent all afternoon rather nervously ad...
Lord Myners | 705 c16 (Link to this contribution) My Lords, nothing could be further from the truth. The Financial Services Authority is the appropria...
Subjects
Bank services Banks Credit Finance Fiscal policy Financial markets Economic situation Economic policy Mortgages Loans Monetary policy Small businesses Regulation World economy
Contains statistics
Yes
Link
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