Bank of England

Claire Perry Excerpts

Monday 26th November 2012 Commons Chamber

[Mr Osborne]

I will not speak for the new Governor, but I am sure he could be asked that question. I am pretty clear that he would support the pound, because he has seen at first hand through the Financial Stability Board some of the problems that have arisen in the euro. I reassure the hon. Gentleman that any decision to ditch the pound would be one for the Government of the day and the House of Commons, and while this Government are in office we will keep the pound.

[Claire Perry (Devizes) (Con)]

In Mr Carney, we have a man with unprecedented experience of financial stability. We also have an Office for Budget Responsibility that publishes transparent, independent numbers, and we now have a structural and regulatory plan for the banking system and a Government committed to restoring faith in the public finances. Does the Chancellor agree that the risk of boom and bust is therefore diminished?

[Mr Osborne]

I will not make the mistake of the last Prime Minister and claim to have abolished boom and bust. I do not know which young adviser of his put that idea into his mind. [Interruption.] With transparent and independently audited public finances, an excellent central bank Governor and new responsibilities for the Bank of England, we have a better framework than the one that we inherited.