Lord Davies of Oldham
Main Page: Lord Davies of Oldham (Labour - Life peer)Department Debates - View all Lord Davies of Oldham's debates with the HM Treasury
(10 years, 1 month ago)
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Lord Newby
It might be, my Lords, but as I said in my initial Answer, I suspect that there will not be any change.
Lord Davies of Oldham (Lab)
My Lords, Her Majesty’s Opposition are in favour of the retention of the name “Bank of England”. However, the Minister said that there is some urgency about future action, so will he say whether the Treasury has made any progress, and will he give us an update on that progress, in looking at the financial consequences of further devolution of income tax?
Lord Newby
My Lords, as the noble Lord will be aware, the various proposals on the table for the devolution of income tax were set out in the Command Paper that was published earlier in the month. The exact nature of further devolution of income tax is under consideration in the Lord Smith process. As part of that, the financial and political consequences of various possibilities in respect of income tax are being actively considered.