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Barnett, Lord

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Barnett, Lord (27)

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Economy: Inflation

My Lords, I take it that the noble Lord agrees with Robert Peston of the BBC—I am not referring to my dear and noble friend Lord Peston—who said that, on the figures given by the Government, the change from RPI to CPI would cost £83 billion over 15 years. That would mean substantial losses in retirement for pensioners in private sector businesses, not those in the public sector. This is a substantial loss in revenue for those people. What plans do the Government have to compensate those pensioners in retirement, who will suffer considerably?
Asked by
Lord Barnett (Labour)
Oral questions - Supplementary
Status
Answered
Date
11 March 2014
Reference
752 c1670
House
House of Lords
Bank of England

To ask Her Majesty’s Government when was the last time HM Treasury, under Section 12 of the Bank of England Act 1998, wrote to the Bank of England specifying (1) what price stability should be taken to consist of, and (2) what the economic policy of Her Majesty’s Government is...
Asked by
Lord Barnett (Labour)
Type
Written questions
Status
Answered
Date
19 March 2013
Reference
744 cc128-9WA; HL5977
House
House of Lords
Monetary Policy Committee: Inflation

To ask Her Majesty’s Government what is their response to the proposal by Mark Carney that the Monetary Policy Committee’s inflation target should be flexible.
Asked by
Lord Barnett (Labour)
Oral questions - Lead
Status
Answered
Date
13 February 2013
Reference
743 cc656-8
House
House of Lords
Monetary Policy Committee: Inflation

The Minister did not quite answer my Question, my Lords. He will know that Mark Carney, the new governor, has said that,

“flexible inflation targeting offered the best chance of boosting growth while maintaining price stability”.

Does the Chancellor agree with his new governor, who he has said is the best in the world?
Asked by
Lord Barnett (Labour)
Oral questions - 1st Supplementary
Status
Answered
Date
13 February 2013
Reference
743 c656
House
House of Lords
Economy: Inflation and Unemployment
To ask Her Majesty’s Government, in the light of the most recently published figures, what plans HM Treasury has to reduce inflation and unemployment. My Lords, I beg leave to ask the Question standing in my name—rather than the previous Question—on the Order Paper.
Asked by
Lord Barnett (Labour)
Oral questions - Lead
Status
Answered
Date
27 October 2011
Reference
731 c872
House
House of Lords
Economy: Inflation and Unemployment
My Lords, I hope that the modest attempts that the Treasury is making to help the unemployment situation are successful. However, does not the Minister accept, if he wants to be honest with the House, the plain fact that the deficit reduction plan overshadows all those minor measures, and unemployment continues to rise? I do not expect him to be able to announce what the Chancellor is going to do in the near future. However, given the change of circumstances around the economy, will he at least tell us that the Chancellor is considering, without changing the plan, at the very least putting off some of those measures to later years and bringing forward some of the infrastructure and capital expenditure plans, which would help to reduce the terrible unemployment that is blighting so much of the country?
Asked by
Lord Barnett (Labour)
Oral questions - 1st Supplementary
Status
Answered
Date
27 October 2011
Reference
731 c872-3
House
House of Lords
Oil Prices
I thank the noble Lord for his Answer. I am conscious of the fact that he has a propensity to quote what I said some 40 years ago. I thought of checking this time, but on reflection I realised that the Government have inherited a different policy from that of my time. In 1997, the then Chancellor Gordon Brown, as the noble Lord has pointed out, introduced a new policy involving the transfer of power from the Chancellor to the Governor of the Bank of England and the Monetary Policy Committee. The Government do not particularly like the then Chancellor but I assume that they are happy with the inheritance. Perhaps the noble Lord will confirm that. I know that he does not like talking about interest rates but will he also confirm the extreme national and international importance of interest rates and that the Chancellor still has absolute confidence in the governor and his policy for dealing with inflation?
Asked by
Lord Barnett (Labour)
Oral questions - 1st Supplementary
Status
Answered
Date
8 June 2011
Reference
728 c261
House
House of Lords
Oil Prices
To ask Her Majesty’s Government what plans HM Treasury has to ensure that inflation is reduced and consumers derive benefit when there is a reduction in oil prices.
Asked by
Lord Barnett (Labour)
Oral questions - Lead
Status
Answered
Date
8 June 2011
Reference
728 c260
House
House of Lords
Inflation
My Lords, I congratulate the noble Lord on the variety of ways that he finds not to answer a question. There are only two answers to the big issue on interest rates: whether or not you agree that they should go up. The Chancellor, in reply to the Governor of the Bank of England, who had said that increasing interest rates would be a futile gesture at the moment, said that he had ““complete confidence”” in the governor. In those circumstances, and given that this Government are the most transparent in history, can the Minister tell us the Chancellor’s view? Is he for or against an increase in interest rates?
Asked by
Lord Barnett (Labour)
Oral questions - 1st Supplementary
Status
Answered
Date
17 March 2011
Reference
726 c350
House
House of Lords
Inflation
To ask Her Majesty’s Government whether they will clarify the comments made by the Chancellor of the Exchequer to the Governor of the Bank of England in his letter of 15 February on inflation targets.
Asked by
Lord Barnett (Labour)
Oral questions - Lead
Status
Answered
Date
17 March 2011
Reference
726 c349
House
House of Lords
Inflation

To ask Her Majesty’s Government, further to the answer by Lord Sassoon on 16 February (Official Report, col. 648) saying he took ““the noble Lord's point about the nature of one-off rises”” in inflation, whether he was also referring to Lord Peston’s remarks about raising interest rates because of one-off...
Asked by
Lord Barnett (Labour)
Type
Written questions
Status
Answered
Date
7 March 2011
Reference
7240; 725 c372WA
House
House of Lords
Inflation

To ask Her Majesty’s Government what they consider to be the near-term used by the Bank of England in section 5.1 of their February 2011 Inflation Report; and what is the markedly higher rate they were assuming in November.
Asked by
Lord Barnett (Labour)
Type
Written questions
Status
Answered
Date
7 March 2011
Reference
7238; 725 c371-2WA
House
House of Lords
Inflation

To ask Her Majesty’s Government what they forecast to be the assumed interest rate used by the Bank of England in section 5.1 of their February 2011 Inflation Report by following a path implied by market interest rates.
Asked by
Lord Barnett (Labour)
Type
Written questions
Status
Answered
Date
7 March 2011
Reference
7237; 725 c371-2WA
House
House of Lords
Inflation

To ask Her Majesty’s Government what they forecast to be the medium-term prospect for inflation, as stated by the Bank of England in section 5 of their February 2011 Inflation Report.
Asked by
Lord Barnett (Labour)
Type
Written questions
Status
Answered
Date
7 March 2011
Reference
7236; 725 c371-2WA
House
House of Lords
Monetary Policy Committee
I welcome the Answer from the noble Lord, but does it include what the Chancellor told the Treasury Select Committee; namely, that he is going to follow the policy of the previous Chancellor, which would not prevent him reducing or increasing quantitative easing, although he has the powers? Then again, the governor also said in his letter to the Chancellor, published on 14 February, that he believed that inflation would have been below the 2 per cent target if it had not been for three exceptional factors. Does the noble Lord agree with that because the Chancellor’s letter is somewhat unclear to say the least? As to the balance of risk that the governor was writing about, he seemed to be worried about the problems for growth and employment if he increased interest rates. Does the noble Lord agree with that?
Asked by
Lord Barnett (Labour)
Oral questions - 1st Supplementary
Status
Answered
Date
16 February 2011
Reference
725 c647
House
House of Lords
Monetary Policy Committee
As the Minister appears to agree with the Chancellor on almost everything, does he agree with the Governor and the majority of the members of the MPC that the interest rate should be kept at its present level?
Asked by
Lord Barnett (Labour)
Oral questions - Supplementary
Status
Answered
Date
31 January 2011
Reference
724 c1183
House
House of Lords
Inflation
My Lords, can the noble Lord confirm that he is not joining those who wrongly seek to pressurise the MPC to increase interest rates? Furthermore, as he cares about transparency, will he perhaps now take the opportunity to answer the Question for Written Answer that I put to him some time ago and tell us precisely what the Treasury representative on the MPC was instructed to say to the committee about the Treasury’s view on interest rates?
Asked by
Lord Barnett (Labour)
Oral questions - Supplementary
Status
Answered
Date
19 January 2011
Reference
724 c357-8
House
House of Lords
Monetary Policy Committee

To ask Her Majesty’s Government what guidance they have given to the Monetary Policy Committee on inflation.
Asked by
Lord Barnett (Labour)
Type
Written questions
Status
Answered
Date
28 July 2010
Reference
1679; 720 c382WA
House
House of Lords
Price Indexes

To ask Her Majesty’s Government what forecast they have made of the gap between the Consumer Price Index and the Retail Prices Index over the next five years.
Asked by
Lord Barnett (Labour)
Type
Written questions
Status
Answered
Date
22 July 2010
Reference
1337; 720 c250WA
House
House of Lords
Inflation

To ask Her Majesty's Government what assessment they have made of the consequences for inflation of an increase in the VAT rate to 20 per cent.
Asked by
Lord Barnett (Labour)
Type
Written questions
Status
Answered
Date
9 June 2010
Reference
154; 719 c48WA
House
House of Lords