Appointment of Dr Martin Weale to the Monetary Policy Committee of the Bank of England

Appointment of Dr Martin Weale to the Monetary Policy Committee of the Bank of England
Author: Great Britain: Parliament: House of Commons: Treasury Committee
Publisher: The Stationery Office
Total Pages: 20
Release: 2010-09-17
Genre: Business & Economics
ISBN: 9780215554734

The Committee follows previous practice in using the criteria of professional competence and personal independence against which to consider appointees to the Monetary Policy Committee of the Bank of England. The Committee is satisfied that Dr Martin Weale fulfils the two criteria and welcomes his appointment.

Appointment of Dr Ben Broadbent to the Monetary Policy Committee of the Bank of England

Appointment of Dr Ben Broadbent to the Monetary Policy Committee of the Bank of England
Author: Great Britain: Parliament: House of Commons: Treasury Committee
Publisher: The Stationery Office
Total Pages: 16
Release: 2011-05-23
Genre: Business & Economics
ISBN: 9780215559791

Dr Ben Broadbent was appointed to the Monetary Policy Committee of the Bank of England on 7 March 2011, folloiwng the departure of Dr Andrew Sentance. The Treasury Committee took evidence from Dr Broadbent who, prior to his appointment, was a senior European economist with Goldman Sachs. The Committee is satisfied that he fulfils the two criteria for appointment to the Monetary Policy Committee: professional competence and personal independence.

Appointment of Dr Mark Carney as Governor of the Bank of England

Appointment of Dr Mark Carney as Governor of the Bank of England
Author: Great Britain: Parliament: House of Commons: Treasury Committee
Publisher: The Stationery Office
Total Pages: 100
Release: 2013-04-19
Genre: Business & Economics
ISBN: 9780215056955

The Treasury Committee has today published a report following the pre-commencement hearing it held with the next Governor of the Bank of England, Dr Mark Carney, on 7 February 2013. During the hearing, Dr Carney offered his views on the UK's future monetary policy framework. The Treasury Committee will report its conclusions, based in part on Dr Carney's evidence, in its forthcoming Report on the Budget. The Bank of England has taken on a wide range of new powers. Significant structural and cultural change is underway. Dr Carney will be responsible for overseeing it. In evidence to the Committee, Dr Carney set out his preference for a consensus-based approach to leadership; this will be significant if it leads to a meaningful change of culture within the Bank. The Committee wishes Dr Carney every success for his term as Governor. He will bring a wide range of skills and a great deal of experience to the role. Dr Carney's appearance before the Treasury Select Committee has set an important precedent. No previous Governor of the Bank of England has been subject to such a rigorous pre-commencement hearing. In future, they will be.

Retail distribution review

Retail distribution review
Author: Great Britain: Parliament: House of Commons: Treasury Committee
Publisher: The Stationery Office
Total Pages: 114
Release: 2011-07-16
Genre: Business & Economics
ISBN: 9780215560636

In this report the Treasury Committee calls on the Financial Services Agency (FSA) to delay implementing new rules on the provision of financial advice for 12 months to allow advisers more time to comply. The Committee backed plans to ban commission on advised sales and impose higher professional standards on independent financial advisers, subject to flexibility on a case-by-case basis, but were concerned that a substantial exodus of experienced advisers from the market could harm consumer choice. The FSA's Retail Distribution Review (RDR) is a major reform of the regulation of retail investment advice and is due to come into force on 1 January 2013. It will require advisors to have qualifications equivalent to a Certificate in Higher Education and remove the system of commission paid to advisors and replace it with Consumer Agreed Remuneration. The committee believes a delay of 12 months in the implementation of the RDR will reduce the number of Independent Financial Advisors leaving the market - thus maintaining choice and competition for consumers. The MPs also call on the FSA to provide some flexibility for advisers on a case by case basis. The FSA is to be replaced by the proposed Financial Conduct Authority (FCA). This Treasury Committee believes that this provides an opportunity to examine the accountability mechanisms that will apply under the new system of financial regulation and will instigate an inquiry on this in due course

House of Commons - Treasury Committee: Autumn Statement 2013 - HC 826

House of Commons - Treasury Committee: Autumn Statement 2013 - HC 826
Author: Great Britain: Parliament: House of Commons: Treasury Committee
Publisher: The Stationery Office
Total Pages: 64
Release: 2014-03-08
Genre: Business & Economics
ISBN: 9780215069474

Around 43% of departmental expenditure limits are ring-fenced. As a consequence, public expenditure control - on the scale required to address the deficit - will be increasingly difficult. While ring-fencing reflects public priorities, those preferences are not equally strongly held for all ring-fenced areas. Support for the 33.5% cumulative real increase in aid over the course of this Parliament, for example, appears to be lower than for health and schools. The Committee also remains concerned about the impact of the Government's Help to Buy: Mortgage guarantee scheme. An abrupt end to the scheme could distort the market, as could announcements which radically alter people's expectations. Forecasts of additional revenue from many anti-avoidance measures are inherently extremely uncertain. The Committee warned in its report on the Autumn Statement 2012 that the forecast revenues from the UK-Swiss agreement - at £5.3 billion - were subject to uncertainty and that the proceeds may not meet expectations. These concerns appear to have been justified. Even after the event it is often very difficult to establish how much a particular measure has raised. The OBR should look again at how the Government accounts for projected revenues, based on previous experience. Even after the event it is often very difficult to establish how much a particular measure has raised. The more transparency about the yield, and therefore each proposal's effectiveness, the better