The MPC and recent developments in monetary policy 2nd report, session 2002-03

House of Lords papers 2002-03 66

Format:

Corporate Author:

Great Britain Parliament House of Lords Select Committee on Economic Affairs

Author:

Peston Maurice Harry Peston Baron chairman

Publisher:

TSO (The Stationery Office)

The Monetary Policy Committee (MPC) of the Bank of England was established in 1998, with a remit to maintain price stability and, subject to this objective, to support government economic policy, including growth and employment targets. The Committee's report finds that the MPC's work has been satisfactory so far, but states its intention to re-examine the MPC's remit to include broader concerns than inflation alone. It restates its recommendation that the members of the MPC should be recruited and appointed in a manner consistent with Nolan principles. It expresses hope that the optimism expressed by a number of witnesses that problems in the current fiscal position are cyclical and intervention is not necessary are justified. Evidence of substantial imbalances in the economy are noted, concerning the imbalance between consumer spending and investment; rising house prices; and the trade balance and current account deficit, although some of these may also be cyclical. The report also notes that the Chancellor of the Exchequer was unable to find time to give evidence before the Committee on the current state of the economy and economic policy, and calls upon the Government to support the need for Ministers to appear before Lords Select Committees, when requested to do so.

Extent	18, 73p.	ISBN	9780104838105
Size	N/A	Price	£13.00
Format	Paperback	Published	06 Mar 2003
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