§ Mr. MorganTo ask the Chancellor of the Exchequer what period of time will be spent in an average month by his seven new advisers on economic policy; what remuneration package has been set for their work; and how often he expects to meet them in the average year.
§ Mr. Lamont[holding answer 28 January 1993]: The primary role of the panel of forecasters is to provide an 889W independent source of advice on Britain's economic prospects. The panel will produce a report three times a year. Meetings of the forecasting panel will be chaired by the chief economic adviser, and other Treasury officials will put the report together on the panel's behalf. I look forward to receiving the panel's reports.
The amount of time spent per month on this work by panel members will vary according to when and how often they produce forecasts independently. For those members who publish forecasts frequently the time required will be less than those who do not. At this stage it is not possible to estimate the time spent. Remuneration will be £125 plus expenses per meeting attended.