Queen's Speech — Debate (5th Day)

Part of the debate – in the House of Lords at 5:12 pm on 16th May 2012.

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Photo of Lord Myners Lord Myners Labour 5:12 pm, 16th May 2012

I was referring to the noble Lord's contribution to the debate as opposed to his endorsement of the right reverend Prelate, which he had completed at the point when we were allowed to leave the Chamber if we wished.

The current governor is probably the least distinguished since Walter Cunliffe, who served from 1913 to 1918. He has politicised the Bank of England and disregarded the outlook for inflation. We are introducing a policy of financial repression. When we debate the Financial Services Bill, we need to look very carefully at the additional authority and responsibilities that the Bill proposes to give to the governor.