§ Mr. Derek TwiggTo ask the Chancellor of the Exchequer if he will make a statement about the Bank's power to collect information for monetary policy purposes. [39560]
§ Mrs. LiddellThe Government's Response to consultation on the Bank's power to collect information for monetary policy purposes is published today. Copies have been placed in the Libraries of both Houses.
Most respondents welcomed the move to a statutory basis for the Banks collection of information for monetary policy purposes. They acknowledged that as it was intended largely to place the existing scheme on a statutory basis, it did not imply any increase in costs for the foreseeable future.The Government also assured respondents that the Bank would continue to consult on any major changes to the statistical system. The Government are concerned to ensure that the cost of supplying statistical information is kept to a minimum, consistent with meeting the information needs of the Bank. And the Act also requires the Treasury to consult appropriate representative institutions if any changes are proposed to the range of financial affairs, or to the categories of institutions from which information can be collected.