Monetary Policy: House of Lords Committee

Part of the debate – in the House of Lords at 3:20 pm on 13 January 2000.

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Photo of Lord Jenkin of Roding Lord Jenkin of Roding Conservative 3:20, 13 January 2000

My Lords, perhaps I may reinforce the point made by the noble Lord, Lord Barnett. It always was a mistake that it should be regarded as an ad hoc committee. The report described its task as one of critical interpretation. Is it not a fact that the arrangements affecting the Monetary Policy Committee and the Bank of England are not those for a temporary phenomenon but one that is here for the long term? Therefore, is it not right that the same consideration should apply to the committee in order to make use of the expertise which exists in all parts of the House?