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2005-06
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House
Session
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2005-06 (123)
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Publisher
To ask the Chancellor of the Exchequer what assessment he has made of the implications for inflation of recent increases in M4 money supply.
To ask the Chancellor of the Exchequer what assessment he has made of the implications for inflation of recent increases in M4 money supply.
Asked by
Stephen Crabb
(Conservative)
Answered by
Ed Balls
(Labour; Co-operative Party)
Answering body
Treasury
Type
Written questions
Status
Answered
Tabled on
30 October 2006
For answer on
2 November 2006
Answered on
7 November 2006
[holding answer 2 November 2006]: The Bank of England keeps monetary aggregates under review. The bank’s latest assessment of M4 growth was published in the August inflation report.A full assessment of recent developments and prospects for inflation will be published in the forthcoming pre-Budget report.
Subjects
Inflation; Money supply
Date
7 November 2006
Reference
451 c1031W; 98904
House
House of Commons
To ask Mr Chancellor of the Exchequer how the role of inflation is calculated; and when he next plans to review the formula for calculating the rate of inflation.
To ask Mr Chancellor of the Exchequer how the role of inflation is calculated; and when he next plans to review the formula for calculating the rate of inflation.
Asked by
David Leslie Taylor
(Labour; Co-operative Party)
Answered by
John Healey
(Labour)
Answering body
Treasury
Type
Written questions
Status
Answered
Tabled on
6 October 2006
For answer on
10 October 2006
Answered on
12 October 2006
The information requested falls within the responsibility of the National Statistician who has been asked to reply.Letter from Karen Dunnell, dated 12 October 2006"As National Statistician I have been asked to reply to your recent Parliamentary Question, asking how the rate of inflation is calculated; and when is the next plan to review the formula for calculating it. (92752)""Both the Consumer Prices Index (CPI) and Retail Prices Index (RPI) are based on the prices of a ““basket”” of around 650 goods and services that are purchased by the vast majority of UK households.""Each product or service is weighted to reflect its relative expenditure with weights derived from a number of sources including the ONS Expenditure and Food Survey (in the case of the RPI) and National Accounts (in the case of the CPI). Each year the selection of products for the basket is reviewed and updated expenditure weights calculated with considerable care taken to ensure that the final selection is representative of UK household spending patterns and so the basket is kept up-to-date.""Around 120,000 prices are collected each month. 110,000 prices are collected from retail outlets in around 150 shopping areas or out of town retail park areas throughout the UK. In addition a further 10,000 prices are collected centrally each month, typically for things like holidays, housing and air-fares.""The index is ““chain linked”” to allow comparisons to be made over more than one year and by comparing the index at one point in time with the corresponding time point the previous year, an annual rate of change (often termed ““inflation””) can be calculated.""Further information can be found on the National Statistics website: www.statistics.gov.uk."
Subjects
Inflation
Date
12 October 2006
Reference
92752; 450 c877W;450 c883W
House
House of Commons
What would have been the increase in the retail price index and the consumer price index over the past one, three and five years, using equal weights for the expenditure of each household (democratic weights) instead of weights proportional to the expenditure of each household (plutocratic weights).
What would have been the increase in the retail price index and the consumer price index over the past one, three and five years, using equal weights for the expenditure of each household (democratic weights) instead of weights proportional to the expenditure of each household (plutocratic weights).
Asked by
Lord Oakeshott of Seagrove Bay
(Liberal Democrat)
Answered by
Lord McKenzie of Luton
(Labour)
Answering body
Office for National Statistics
Type
Written questions
Status
Answered
Answered on
9 October 2006
The information requested falls within the responsibility of the National Statistician who has been asked to reply.
Letter from the Director of Macroeconomics and Labour Market, Colin Mowl, dated 14 September 2006.
The National Statistician has been asked to reply to your recent Parliamentary Question (HL7274) which asked what would have been the increase in the retail prices index and consumer prices index over the past one, three and five years using equal weights for the expenditure of each household (democratic weights) instead of weights proportional to the expenditure of each household (plutocratic weights). I am replying in her absence.
Information in the form requested is not readily available. Calculation of democratic weights for the retail prices index (RPI) would involve a considerable degree of manipulation of data from the Office for National Statistics' (ONS) expenditure and food survey, from which the RPI weights are derived. Specifically, the process would involve returning to the original survey data at household level (that is, each individual response). For each household, actual spending on every commodity would need to be converted into a proportion of the total expenditure incurred by that particular household. These proportions would need to be averaged across all households before using the resultant averages to produce RPI expenditure weights on a democratic basis. Special calculations would also be required to derive the weights for certain housing components whose weights are modelled (that is, mortgage interest payments and depreciation costs). This means that the question can be answered only at disproportionate cost.
However, previously unpublished research by ONS, which is summarised in the table below, gives some indication of the difference between the use of democratic and plutocratic weights in the RPI:
Consumer prices index (CPI) weights are derived from whole economy estimates of household expenditure taken from the national accounts. The source data come from a variety of sources, including non-household surveys, and are therefore not amenable to the construction of democratic weights.
| RPI percentage change over 12 months | |||
|---|---|---|---|
| Feb 1999 | Feb 2000 | Feb 2001 | |
| Democratic weights | 2.5 | 2.5 | 2.7 |
| Plutocratic weights (actual RPI) | 2.1 | 2.3 | 2.7 |
Subjects
Expenditure; Households; Inflation; Statistics; Retail prices index; Consumer prices index
Date
9 October 2006
Reference
7274; 685 c55-6WA
House
House of Lords
What was the overall rate of inflation in 2005; and what is their estimate of the overall rate of inflation in 2006.
What was the overall rate of inflation in 2005; and what is their estimate of the overall rate of inflation in 2006.
Asked by
Lord Steinberg
(Conservative)
Answered by
Lord McKenzie of Luton
(Labour)
Answering body
Office for National Statistics
Type
Written questions
Status
Answered
Answered on
9 October 2006
The information requested falls within the responsibility of the National Statistician who has been asked to reply.
Letter from the Director of Macroeconomics and Labour Market, Colin Mowl, dated 14 September 2006.
The National Statistician has been asked to reply to your recent Parliamentary Question, concerning what was the overall rate of inflation in 2005; and what is the estimate of the overall rate of inflation in 2006. I am replying in her absence. (HL7357).
There are two main measures of inflation produced by the Office for National Statistics, the consumer prices index (CPI) which forms the basis for the Government's inflation target and the retail prices index (RPI) whose many uses includes indexation of state benefits and pensions. The percentage change over 12 months in the annual average index in 2005 for the CPI is 2.1 per cent. The corresponding figure for the RPI is 2.8 per cent.
The latest estimate of inflation in 2006 is for July when the rate of CPI inflation was 2.4 per cent and the rate of RPI inflation was 3.3 per cent.
Subjects
Inflation; Retail prices index; Consumer prices index
Date
9 October 2006
Reference
7357; 685 c56WA
House
House of Lords
Type
House of Commons papers; Select Committee oral evidence;
Parliamentary committees
Committee
Treasury Committee
Subjects
Bank of England; Inflation; King of Lothbury, Lord; Barker, Kate
Commons Library location
CS 192
Date
29 June 2006
Reference
HC 1185-ii 2005-06
House
House of Commons
Type
House of Commons papers; Select Committee oral evidence;
Parliamentary committees
Committee
Treasury Committee
Subjects
Bank of England; Inflation; HSBC; Citigroup; Muscatelli, Anton; Quah, Danny
Commons Library location
CS 192
Date
6 June 2006
Reference
HC 1185-i 2005-06
House
House of Commons
The Bank of England inflation report set out yesterday states that we expect to meet our inflation target this year, next year and in subsequent years, as we have done each and every year since we came to power. To lock in public sector pay discipline and to maintain the momentum of a strengthening economy, we are today writing to all Departments to make it clear that public sector pay settlements must, in future, also be founded on meeting the 2 per cent. inflation target.
The Bank of England inflation report set out yesterday states that we expect to meet our inflation target this year, next year and in subsequent years, as we have done each and every year since we came to power. To lock in public sector pay discipline and to maintain the momentum of a strengthening economy, we are today writing to all Departments to make it clear that public sector pay settlements must, in future, also be founded on meeting the 2 per cent. inflation target.
Answered by
Gordon Brown
(Labour)
Asked by
Sharon Hodgson
(Labour)
Answering body
Treasury
Type
Oral answers to questions
What recent representations he has received on the inflation target; and if he will make a statement.
Subjects
Inflation; Pay; Public sector
Date
11 May 2006
Reference
446 c490
Chamber / Committee
House of Commons chamber
House
House of Commons
I am grateful to my hon. Friend. Not only in her constituency, but in those of all Opposition Members, unemployment has fallen substantially since 1997. That includes long-term unemployment and it is important to note that long-term youth unemployment, about which many people were so concerned, has been virtually eliminated. By having a stable macro-economic framework, we have managed to combine low inflation with high employment. We intend to continue with that, but it is possible only if we adopt active labour market measures such as the new deal for skills and jobs. It is a tragedy that both Opposition parties want to abolish it.
I am grateful to my hon. Friend. Not only in her constituency, but in those of all Opposition Members, unemployment has fallen substantially since 1997. That includes long-term unemployment and it is important to note that long-term youth unemployment, about which many people were so concerned, has been virtually eliminated. By having a stable macro-economic framework, we have managed to combine low inflation with high employment. We intend to continue with that, but it is possible only if we adopt active labour market measures such as the new deal for skills and jobs. It is a tragedy that both Opposition parties want to abolish it.
Answered by
Gordon Brown
(Labour)
Asked by
Sharon Hodgson
(Labour)
Answering body
Treasury
Type
Oral answers to questions
I thank the Chancellor for his reply. As he is well aware, unemployment in my constituency has fallen by more than 50 per cent. since 1997. What assessment has he made of the UK’s combination of unemployment and inflation since 1997?
Subjects
Inflation; Pay; Public sector
Date
11 May 2006
Reference
446 c490-1
Chamber / Committee
House of Commons chamber
House
House of Commons
I thank the Chancellor for his reply. As he is well aware, unemployment in my constituency has fallen by more than 50 per cent. since 1997. What assessment has he made of the UK’s combination of unemployment and inflation since 1997?
I thank the Chancellor for his reply. As he is well aware, unemployment in my constituency has fallen by more than 50 per cent. since 1997. What assessment has he made of the UK’s combination of unemployment and inflation since 1997?
Asked by
Sharon Hodgson
(Labour)
Answering body
Treasury
Oral questions - 1st Supplementary
Status
Answered
Answered on
11 May 2006
I am grateful to my hon. Friend. Not only in her constituency, but in those of all Opposition Members, unemployment has fallen substantially since 1997. That includes long-term unemployment and it is important to note that long-term youth unemployment, about which many people were so concerned, has been virtually eliminated. By having a stable macro-economic framework, we have managed to combine low inflation with high employment. We intend to continue with that, but it is possible only if we adopt active labour market measures such as the new deal for skills and jobs. It is a tragedy that both Opposition parties want to abolish it.
Subjects
Inflation; Pay; Public sector; Unemployment
Date
11 May 2006
Reference
446 c490-1
Chamber / Committee
House of Commons chamber
House
House of Commons
I hate to supply the hon. Gentleman with this information, but when we sold the gold, we bought euros, which are rising in value. That must be uncomfortable information for him. If I had taken his advice, I would not have made the Bank of England independent, which would have been a terrible mistake, so I shall think twice before taking his advice on anything.
I hate to supply the hon. Gentleman with this information, but when we sold the gold, we bought euros, which are rising in value. That must be uncomfortable information for him. If I had taken his advice, I would not have made the Bank of England independent, which would have been a terrible mistake, so I shall think twice before taking his advice on anything.
Answered by
Gordon Brown
(Labour)
Asked by
Peter Tapsell
(Conservative)
Answering body
Treasury
Type
Oral answers to questions
As the Chancellor is predicting low inflation, why is it the case that, since he sold more than half our gold reserves—a course that I strongly argued against at the time—the price of gold has far more than doubled? Yesterday, the sterling price of gold reached an all-time historic high, so his act in selling that gold has cost British taxpayers more than £3 billion—enough to repair all the crumbling churches in this country and to provide dozens of new academies.
Subjects
Inflation; Pay; Public sector
Date
11 May 2006
Reference
446 c491
Chamber / Committee
House of Commons chamber
House
House of Commons
As the Chancellor is predicting low inflation, why is it the case that, since he sold more than half our gold reserves—a course that I strongly argued against at the time—the price of gold has far more than doubled? Yesterday, the sterling price of gold reached an all-time historic high, so his act in selling that gold has cost British taxpayers more than £3 billion—enough to repair all the crumbling churches in this country and to provide dozens of new academies.
As the Chancellor is predicting low inflation, why is it the case that, since he sold more than half our gold reserves—a course that I strongly argued against at the time—the price of gold has far more than doubled? Yesterday, the sterling price of gold reached an all-time historic high, so his act in selling that gold has cost British taxpayers more than £3 billion—enough to repair all the crumbling churches in this country and to provide dozens of new academies.
Asked by
Peter Tapsell
(Conservative)
Answering body
Treasury
Oral questions - Supplementary
Status
Answered
Answered on
11 May 2006
I hate to supply the hon. Gentleman with this information, but when we sold the gold, we bought euros, which are rising in value. That must be uncomfortable information for him. If I had taken his advice, I would not have made the Bank of England independent, which would have been a terrible mistake, so I shall think twice before taking his advice on anything.
Subjects
Inflation; Gold and foreign exchange reserves; Pay; Public sector
Date
11 May 2006
Reference
446 c491
Chamber / Committee
House of Commons chamber
House
House of Commons
It is sad that, as a result of the doubling of oil prices, we have seen domestic gas and electricity prices and the cost of energy for industry rising. In other decades in which oil prices doubled—in fact, over a period of years, it has trebled—the British economy would have been forced into recession as a result of excessively high inflation. Most people realise that when America, the euro area, Japan and even China are putting up interest rates, Britain has by comparison managed to keep both low inflation and higher growth in the economy. That is the result of the macro-economic framework that has enabled us to deal with difficulties, one of the greatest of which is high energy prices, as they arise. We will continue to pursue a policy of low inflation and higher growth.
It is sad that, as a result of the doubling of oil prices, we have seen domestic gas and electricity prices and the cost of energy for industry rising. In other decades in which oil prices doubled—in fact, over a period of years, it has trebled—the British economy would have been forced into recession as a result of excessively high inflation. Most people realise that when America, the euro area, Japan and even China are putting up interest rates, Britain has by comparison managed to keep both low inflation and higher growth in the economy. That is the result of the macro-economic framework that has enabled us to deal with difficulties, one of the greatest of which is high energy prices, as they arise. We will continue to pursue a policy of low inflation and higher growth.
Answered by
Gordon Brown
(Labour)
Asked by
Brian H Donohoe
(Labour)
Answering body
Treasury
Type
Oral answers to questions
How has it been possible to maintain such low inflation, which has been very helpful to local industries in my constituency, while energy prices, particularly oil, have soared in price? What is the Chancellor going to do about that?
Subjects
Inflation; Pay; Public sector
Date
11 May 2006
Reference
446 c491
Chamber / Committee
House of Commons chamber
House
House of Commons
How has it been possible to maintain such low inflation, which has been very helpful to local industries in my constituency, while energy prices, particularly oil, have soared in price? What is the Chancellor going to do about that?
How has it been possible to maintain such low inflation, which has been very helpful to local industries in my constituency, while energy prices, particularly oil, have soared in price? What is the Chancellor going to do about that?
Asked by
Brian H Donohoe
(Labour)
Answering body
Treasury
Oral questions - Supplementary
Status
Answered
Answered on
11 May 2006
It is sad that, as a result of the doubling of oil prices, we have seen domestic gas and electricity prices and the cost of energy for industry rising. In other decades in which oil prices doubled—in fact, over a period of years, it has trebled—the British economy would have been forced into recession as a result of excessively high inflation. Most people realise that when America, the euro area, Japan and even China are putting up interest rates, Britain has by comparison managed to keep both low inflation and higher growth in the economy. That is the result of the macro-economic framework that has enabled us to deal with difficulties, one of the greatest of which is high energy prices, as they arise. We will continue to pursue a policy of low inflation and higher growth.
Subjects
Inflation; Oil; Prices; Pay; Public sector
Date
11 May 2006
Reference
446 c491
Chamber / Committee
House of Commons chamber
House
House of Commons
Inflation is forecast to remain relatively low for the new few years, but construction inflation is forecast to rise by 5 per cent.—double the overall rate—by 2008. It is driven mainly by pressure to complete developments for the Olympic games. What measures will the Treasury put in place to monitor construction inflation to ensure that it does not spiral out of control, dragging the overall inflation rate with it?
Inflation is forecast to remain relatively low for the new few years, but construction inflation is forecast to rise by 5 per cent.—double the overall rate—by 2008. It is driven mainly by pressure to complete developments for the Olympic games. What measures will the Treasury put in place to monitor construction inflation to ensure that it does not spiral out of control, dragging the overall inflation rate with it?
Asked by
Stewart Hosie
(Scottish National Party)
Answering body
Treasury
Oral questions - Supplementary
Status
Answered
Answered on
11 May 2006
As the hon. Gentleman knows, the construction industry is increasing in strength as a result of major public and private investments in all areas of the country. Of course, where there are skills shortages, there are pressures on inflation in the industry. That is why we have a training and skills policy. We will continue to invest in training and skills and in apprenticeships for construction and other workers. I hope that the parties that oppose the new deal will now support it so that we can get on with that job.
Subjects
Construction; Inflation; Pay; Public sector
Date
11 May 2006
Reference
446 c491-2
Chamber / Committee
House of Commons chamber
House
House of Commons
As the hon. Gentleman knows, the construction industry is increasing in strength as a result of major public and private investments in all areas of the country. Of course, where there are skills shortages, there are pressures on inflation in the industry. That is why we have a training and skills policy. We will continue to invest in training and skills and in apprenticeships for construction and other workers. I hope that the parties that oppose the new deal will now support it so that we can get on with that job.
As the hon. Gentleman knows, the construction industry is increasing in strength as a result of major public and private investments in all areas of the country. Of course, where there are skills shortages, there are pressures on inflation in the industry. That is why we have a training and skills policy. We will continue to invest in training and skills and in apprenticeships for construction and other workers. I hope that the parties that oppose the new deal will now support it so that we can get on with that job.
Answered by
Gordon Brown
(Labour)
Asked by
Stewart Hosie
(Scottish National Party)
Answering body
Treasury
Type
Oral answers to questions
Inflation is forecast to remain relatively low for the new few years, but construction inflation is forecast to rise by 5 per cent.—double the overall rate—by 2008. It is driven mainly by pressure to complete developments for the Olympic games. What measures will the Treasury put in place to monitor construction inflation to ensure that it does not spiral out of control, dragging the overall inflation rate with it?
Subjects
Inflation; Pay; Public sector
Date
11 May 2006
Reference
446 c491-2
Chamber / Committee
House of Commons chamber
House
House of Commons
To ask the Chancellor of the Exchequer what assessment he has made of the implications for economic growth of the Bank of England's latest inflation report; and if he will make a statement.
To ask the Chancellor of the Exchequer what assessment he has made of the implications for economic growth of the Bank of England's latest inflation report; and if he will make a statement.
Asked by
Sally Keeble
(Labour)
Answered by
Ed Balls
(Labour; Co-operative Party)
Answering body
Treasury
Type
Written questions
Status
Answered
Tabled on
8 May 2006
For answer on
11 May 2006
Answered on
11 May 2006
The Bank of England's latest Inflation Report forecasts suggest somewhat stronger growth over the next two years than the independent consensus.
Subjects
Inflation
Date
11 May 2006
Reference
69726; 446 c439W
House
House of Commons
To ask the Chancellor of the Exchequer what the level of inflation is in the UK, the EU and the USA; and if he will make a statement.
To ask the Chancellor of the Exchequer what the level of inflation is in the UK, the EU and the USA; and if he will make a statement.
Asked by
John P Smith
(Labour)
Answered by
John Healey
(Labour)
Answering body
Treasury
Type
Written questions
Status
Answered
Tabled on
8 May 2006
For answer on
11 May 2006
Answered on
11 May 2006
At present, the rate of CPI inflation in the UK is 1.8 per cent.; close to target despite recent rises in oil prices. This is below the current rate of CPI inflation in the United States, of 3.4 per cent., and below the rate of more than 2 per cent. in both the euro area and the EU as a whole.
Subjects
Inflation
Date
11 May 2006
Reference
69719; 446 c438W
House
House of Commons
What recent representations he has received on the inflation target; and if he will make a statement.
What recent representations he has received on the inflation target; and if he will make a statement.
Asked by
Sharon Hodgson
(Labour)
Answered by
Gordon Brown
(Labour)
Answering body
Treasury
Oral questions - Lead
Status
Answered
Tabled on
8 May 2006
For answer on
11 May 2006
Answered on
11 May 2006
The Bank of England inflation report set out yesterday states that we expect to meet our inflation target this year, next year and in subsequent years, as we have done each and every year since we came to power. To lock in public sector pay discipline and to maintain the momentum of a strengthening economy, we are today writing to all Departments to make it clear that public sector pay settlements must, in future, also be founded on meeting the 2 per cent. inflation target.
Subjects
Inflation; Pay; Public sector
Date
11 May 2006
Reference
446 c490; 69706
Chamber / Committee
House of Commons chamber
House
House of Commons
Type
Select Committee reports; House of Commons papers; Select Committee oral evidence;
Parliamentary committees
Committee
Treasury Committee
Witnesses
University of Glasgow; London School of Economics; HSBC; Capital Economics
Subjects
Inflation
Commons Library location
CS 973
Date
9 May 2006
Reference
HC 973 2005-06
House
House of Commons
To ask the Secretary of State for Northern Ireland what the rate of inflation was in Northern Ireland in each of the last 10 years.
To ask the Secretary of State for Northern Ireland what the rate of inflation was in Northern Ireland in each of the last 10 years.
Asked by
Andrew Rosindell
(Conservative)
Answered by
Baroness Smith of Basildon
(Labour)
Answering body
Northern Ireland Office
Type
Written questions
Status
Answered
Tabled on
25 April 2006
For answer on
27 April 2006
Answered on
3 May 2006
Statistics have not yet been developed to enable the production of reliable regional inflation rates within the UK. However, research by the Office of National Statistics indicated that the cost of living in Northern Ireland, during 2004, was approximately three to five per cent. below the UK average.
Subjects
Inflation; Northern Ireland
Date
3 May 2006
Reference
67063; 445 c1642W;445 c1642W
House
House of Commons