§ Ms LawrenceTo ask the Chancellor of the Exchequer how he plans to transfer the responsibility for Government debt and cash management from the Bank of England to the Treasury. [22438]
§ Mr. Gordon BrownThe Treasury issued a consultation paper on the future of UK Government debt and cash management on 29 July 1997. The Government's response to the consultation exercise is being published today. Copies have been placed in the Library of the House. The Treasury will establish an agency, to be known as the United Kingdom Debt Management Office, which will operate in accordance with an annual published remit but be at arms length from the Treasury for the purpose of day-to-day decision making. My right hon. Friend the Chancellor of the Duchy of Lancaster has agreed that this should be a candidate to become a Next Steps Agency.