Asked by: Baroness Lawlor (Conservative - Life peer)
Question to the HM Treasury:
To ask His Majesty's Government what steps they are taking to encourage the Bank of England to measure money growth and report annually on the quantity of money, so that steps can be taken to maintain price stability and prevent inflation.
Answered by Lord Livermore - Financial Secretary (HM Treasury)
The independent Monetary Policy Committee (MPC) of the Bank of England have operational independence of monetary policy, so the Government rightly does not comment on the conduct of monetary policy.
The MPC regularly monitors money growth and the quantity of money in developing monetary policy, as confirmed by the Governor to the Lords Economic Affairs Committee in February 2024.
The Bank publishes a quarterly Monetary Policy Report which sets out the economic analysis and inflation projections that the MPC uses to make its interest rate decisions. The latest report, published in May 2024, includes an assessment of recent developments in broad money.
Asked by: Baroness Lawlor (Conservative - Life peer)
Question to the HM Treasury:
To ask His Majesty's Government which EU financial services laws have been repealed to promote the international competitiveness and growth of that sector and its contribution to the UK economy under the Financial Services and Markets Act 2023.
Answered by Lord Livermore - Financial Secretary (HM Treasury)
The Financial Services and Markets Act 2023 repeals assimilated law (formerly known as retained EU law), replacing it with rules set by financial services regulators, operating within a framework set by government and Parliament. This repeal is subject to commencement by the Treasury.
As of July 2024, 350 instruments relating to financial services have been replaced – 45% of the total number of instruments. HM Treasury has made or laid instruments to replace assimilated law in areas including Solvency II, the Prospectus Regime, Data Reporting Service Providers, and Securitisation.