Will the Minister assure the House that nothing in the proposals made by the Government in respect of these bodies will in any way inhibit the freedom of recommendation of the Independent Commission on Banking? It is widely recognised that one of the key issues in banking is inadequate competition....

Will the Minister assure the House that nothing in the proposals made by the Government in respect of these bodies will in any way inhibit the freedom of recommendation of the Independent Commission on Banking? It is widely recognised that one of the key issues in banking is inadequate competition....

To ask Her Majesty’s Government , further to the Written Answer by Lord De Mauley on 22 December (WA 347), to whom non-executive directors appointed to departments of state report; who determines their effectiveness; and by what criteria.

To ask Her Majesty’s Government , further to the Written Answer by Lord De Mauley on 22 December (WA 347), to whom non-executive directors appointed to departments of state report; who determines their effectiveness; and by what criteria.

To ask Her Majesty’s Government to whom the non-executive directors appointed by departments of state will report.

To ask Her Majesty’s Government to whom the non-executive directors appointed by departments of state will report.

My Lords, I am pleased to open the debate on the Fiscal Responsibility Bill. I intend to provide a general overview of the key provisions of this important Bill and the background to it. As my right honourable friend the Chancellor explained in the other place, the Government have set...

My Lords, I am pleased to open the debate on the Fiscal Responsibility Bill. I intend to provide a general overview of the key provisions of this important Bill and the background to it. As my right honourable friend the Chancellor explained in the other place, the Government have set...

My Lords, I thank all noble Lords who contributed to the debate. It has been a very wide-ranging debate in which many issues have been raised, all of which I found very interesting and have noted. One feature common to all the speeches was a clear commitment to the need...

My Lords, I thank all noble Lords who contributed to the debate. It has been a very wide-ranging debate in which many issues have been raised, all of which I found very interesting and have noted. One feature common to all the speeches was a clear commitment to the need...

I thank the noble Lord, Lord Lawson, for that intervention. The scale of the Government’s approach to fiscal management is made very clear in the supporting schedules to the Pre-Budget Report. There is absolute clarity there about the glide path to fiscal responsibility that my right honourable friend the Chancellor...

I thank the noble Lord, Lord Lawson, for that intervention. The scale of the Government’s approach to fiscal management is made very clear in the supporting schedules to the Pre-Budget Report. There is absolute clarity there about the glide path to fiscal responsibility that my right honourable friend the Chancellor...

I was going to come to that point when I dealt with the interventions of the noble Lord, Lord Newby. I had already written on my notepad that this was clearly a matter into which I should look, and that I will owe a letter to the noble Lord. I...

I was going to come to that point when I dealt with the interventions of the noble Lord, Lord Newby. I had already written on my notepad that this was clearly a matter into which I should look, and that I will owe a letter to the noble Lord. I...

I am afraid that I did not see the newspaper interview to which the noble Lord, Lord Lamont, refers and therefore cannot comment on it. Quite clearly, however, there is a commitment contained in this Bill and in our financial plans significantly to reduce the deficit. As I was saying,...

I am afraid that I did not see the newspaper interview to which the noble Lord, Lord Lamont, refers and therefore cannot comment on it. Quite clearly, however, there is a commitment contained in this Bill and in our financial plans significantly to reduce the deficit. As I was saying,...

That the Bill be read a second time.

That the Bill be read a second time.

Noble Lords would not expect me to come to Parliament on the basis of number work that I had done on my own. They would be suspicious that I had started with the answer I sought and that I had done the arithmetic to arrive at that answer. The information...

Noble Lords would not expect me to come to Parliament on the basis of number work that I had done on my own. They would be suspicious that I had started with the answer I sought and that I had done the arithmetic to arrive at that answer. The information...

Fiscal Responsibility Bill. Lords second reading debate. Agreed to on question. Committee negatived. Standing Order 47 having been dispensed with, the Bill was read a third time (formal) and passed.

Fiscal Responsibility Bill. Lords second reading debate. Agreed to on question. Committee negatived. Standing Order 47 having been dispensed with, the Bill was read a third time (formal) and passed.

My Lords, the intention behind this amendment is to ensure that the special resolution objectives, under Clause 4 and the code of practice, under Clause 5, apply to the powers to take a bank holding company into temporary public ownership. I shall be brief in explaining how this is already...

My Lords, the intention behind this amendment is to ensure that the special resolution objectives, under Clause 4 and the code of practice, under Clause 5, apply to the powers to take a bank holding company into temporary public ownership. I shall be brief in explaining how this is already...

My Lords, I thank the noble Lord, Lord Oakeshott, for giving way. What I said—and I chose my words very precisely—was that the ratio of sterling to bund interest rates saw sterling within the favourable band of the medium-term trend. I was not talking about absolute rates, but rather medium-term...

My Lords, I thank the noble Lord, Lord Oakeshott, for giving way. What I said—and I chose my words very precisely—was that the ratio of sterling to bund interest rates saw sterling within the favourable band of the medium-term trend. I was not talking about absolute rates, but rather medium-term...

Clause 256: Statutory instruments Amendments 114 and 115 114: Clause 256, page 129, line 28, leave out ““Negative resolution”” and insert ““Draft affirmative resolution”” 115: Clause 256, page 130, line 36, at end insert— Amendments 114 and 115 agreed.

Clause 256: Statutory instruments Amendments 114 and 115 114: Clause 256, page 129, line 28, leave out ““Negative resolution”” and insert ““Draft affirmative resolution”” 115: Clause 256, page 130, line 36, at end insert— Amendments 114 and 115 agreed.

I beg leave to withdraw the amendment. Amendment 82 withdrawn. Amendment 83 not moved. Clause 233 : Regulations: procedure Amendment 84 not moved.

I beg leave to withdraw the amendment. Amendment 82 withdrawn. Amendment 83 not moved. Clause 233 : Regulations: procedure Amendment 84 not moved.

Clause 230: Definition Amendment 82 82: Clause 230, page 116, line 25, leave out paragraph (a) and insert— ““(a) provide that a specified class of institution, which has a permission under Part 4 of the Financial Services and Markets Act 2000 to carry on a regulated activity, is to be...

Clause 230: Definition Amendment 82 82: Clause 230, page 116, line 25, leave out paragraph (a) and insert— ““(a) provide that a specified class of institution, which has a permission under Part 4 of the Financial Services and Markets Act 2000 to carry on a regulated activity, is to be...

My Lords, as I said yesterday, there are a number of areas in relation to this Bill where further consideration would be helpful before the issues are debated again. One such area is the Government’s provisions for investment bank insolvency. While these provisions have been accepted by the House, there...

My Lords, as I said yesterday, there are a number of areas in relation to this Bill where further consideration would be helpful before the issues are debated again. One such area is the Government’s provisions for investment bank insolvency. While these provisions have been accepted by the House, there...

My Lords, I assure the House that I have taken seriously the concerns expressed last week by several noble Lords about the interaction between the members of the tripartite in the area of financial stability. Before turning to the amendments in this group, I emphasise that the Government believe, as...

My Lords, I assure the House that I have taken seriously the concerns expressed last week by several noble Lords about the interaction between the members of the tripartite in the area of financial stability. Before turning to the amendments in this group, I emphasise that the Government believe, as...

My Lords, this amendment, similar to the one that the noble Baroness moved in Committee, would create a requirement for the Bank of England to write to the FSA on the subject of financial stability. The FSA would be required to respond to any such letter and have regard to...

My Lords, this amendment, similar to the one that the noble Baroness moved in Committee, would create a requirement for the Bank of England to write to the FSA on the subject of financial stability. The FSA would be required to respond to any such letter and have regard to...

My Lords, Clause 242 removes a requirement laid out in the Bank Charter Act 1844, which stipulates that the Bank of England should publish a weekly return. The weekly return is a one-page summary of the Bank’s monetary assets and liabilities for the week in question. Under the clause, the...

My Lords, Clause 242 removes a requirement laid out in the Bank Charter Act 1844, which stipulates that the Bank of England should publish a weekly return. The weekly return is a one-page summary of the Bank’s monetary assets and liabilities for the week in question. Under the clause, the...