Business of the House

Barry Sheerman Excerpts

Thursday 7th February 2019 Commons Chamber

[Andrea Leadsom]

My hon. Friend is absolutely right that this is an incredibly important area. He will be aware that we have just had Department for International Trade questions at which the subject was raised. There will be a further opportunity next Thursday, when we have the debate on withdrawal from the European Union, and I encourage him to raise it again then.

[Mr Barry Sheerman (Huddersfield) (Lab/Co-op)]

I understand that the Leader of the House’s job is to look after Government business and represent the Government’s view in the House of Commons, so will she guide me? I want an early debate where I can vote on the future existence of the Bank of England, because I have tried in two Question Times to get the Chancellor and the Secretary of State for International Trade and President of the Board of Trade even to mention the fact that the Bank of England has done a really thorough report stating that every region—every town and city in this country—will be dramatically poorer outside Europe. I want a debate on that so that we can grassroot the penalties of leaving Europe and have that clear, and have a Minister who would talk about the Bank of England. If it is not good enough to write independent reports, we should get rid of it.

[Andrea Leadsom]

First, I think the Bank of England is an incredibly valuable and valued institution. Its role, of course, is to prepare for all eventualities, as indeed is the job of Government—to be prepared for all eventualities. What the Bank of England does in its forecast is look at different outcomes in order that it can take measures as necessary to protect the UK economy and UK jobs and prosperity, and it is right that it does that. The hon. Gentleman will, of course, have the opportunity to raise the question of Bank of England forecasts in the debate next Thursday.