§ Mr. Denzil DaviesTo ask the Chancellor of the Exchequer if he will set up a register of interests for the members of the Monetary Policy Committee of the Bank of England. [10378]
§ Mrs. LiddellThe Chancellor's letter of 6 May to the Governor setting out the new monetary policy framework states that the four members of the Monetary Policy Committee appointed from outside the Bank will be allowed to engage in other activities only if they do not give rise to a conflict of interest and that they must seek the Chancellor's approval before so doing. They will provide the Bank with a full list of any outside activities. All the other members of the committee are subject to the Bank's terms and conditions of service for staff, which prohibit any activities that might lead to a conflict of interest. In the light of these provisions, there is no need for a register of interests for the members of the committee.