Bank of England: Economic Forecast

Baroness Farrington of Ribbleton Excerpts

Wednesday 6th October 2010 Lords Chamber

[Lord Sassoon]

It is a question principally for the Bank of England, which has a clear inflation target, as to what further measures should be taken. I note that the recent IMF assessment is that the current monetary stance and data dependent approach to next steps is the appropriate one.

[Baroness Farrington of Ribbleton]

My Lords, will the Minister give a guarantee that when the comprehensive spending review statement is made information will be given to the House on the likely impact not only on employment in the public sector but in the private sector as cuts in public spending have been greeted with concern by the CBI and small businesses because of their impact on that sector of the economy?

[Lord Sassoon]

My Lords, I think we are straying a bit from Bank of England forecasts but I remind the House that the new independent Office for Budget Responsibility will publish updated forecasts on a regular basis, expected to be twice a year, so that in due course we can expect updated forecasts to reflect all the government policy announcements up to that time.