Yemen

Debate between Jonathan Edwards and Harriett Baldwin

Tuesday 24th April 2018 Commons Chamber

[Harriett Baldwin]

Of course, in addition to backing the work of the United Nations special envoy, the UK will continue to maintain the very rigorous combined arms sales criteria, in terms of arms exports from the United Kingdom.

[Jonathan Edwards (Carmarthen East and Dinefwr) (PC)]

White phosphorus burns at 815 °C, and to the bone if it comes in contact with human flesh. Is its reported use as an incendiary weapon in Yemen considered by the British Government to be a chemical attack, and if not, why not?

[Harriett Baldwin]

The hon. Gentleman highlights, as did other hon. Members, the need for rigour in the process of investigating all these incidents and, in the case of those that come from the Saudi-led coalition, the importance of encouraging the joint investigative team to adopt a process that makes it possible to publish those reports very quickly.

Bank of England and Financial Services Bill [Lords]

Debate between Jonathan Edwards and Harriett Baldwin

3rd reading: House of Commons & Report stage: House of Commons
Tuesday 19th April 2016 Commons Chamber

[Harriett Baldwin]

My right hon. Friend has stated the facts about the term of office to which Martin Wheatley was appointed and the fact that the Government chose not to renew it. It is appropriate to pay what I hope is a cross-party tribute to the excellent work of the acting chief executive, Tracey McDermott, who stepped into the role at that time. She has carried out the role for almost a full year in an absolutely exemplary fashion.

Unless there any further questions on the new clause, I am going to move on to the amendments relating to devolution. I am inviting interventions, but there are none.

The next set of amendments, which stand in the names of the hon. Members for East Lothian (George Kerevan), for Carmarthen East and Dinefwr (Jonathan Edwards) and for Kirkcaldy and Cowdenbeath (Roger Mullin), force us to ask exactly who the Bank works for. The answer must be the entire United Kingdom. Indeed, that is emphasised in the Bank’s mission statement,

“to promote the good of the people of the United Kingdom by maintaining monetary and financial stability.”

To fulfil that mandate, the Bank of England goes to great lengths to ensure that it has a comprehensive understanding of the economic and financial situation across all corners of the United Kingdom. The Bank has a network of 12 agencies, which are located across Scotland, Wales, Northern Ireland and the regions of England. Each year, those agents undertake some 5,500 company visits and participate in panel discussions with approximately a further 3,500 businesses. In that context, imposing a requirement to have regard to regional representation on the court is unnecessary. A comprehensive framework for regional information-gathering already exists.

[Jonathan Edwards (Carmarthen East and Dinefwr) (PC)]

Will the Economic Secretary inform me who the Welsh representative is, because I have absolutely no idea who represents Welsh interests at the Bank of England and I am Plaid Cymru’s Treasury spokesperson?

[Harriett Baldwin]

I will make sure that that person makes him or herself known to the hon. Gentleman with the greatest of speed. It is important to point out that the agents do not engage with us as politicians. The agent for the west midlands and Worcestershire is very engaged with my local businesses, but I as a politician have never had a meeting with them. That is how it should work.

--- Later in debate ---

[Jonathan Edwards]

Further to the points made by the Minister and the right hon. Member for Cities of London and Westminster (Mark Field), the new clause tabled by my colleague the hon. Member for East Lothian (George Kerevan) will address the issue that they spoke about. As a keen cricketer, I know that the official title of the governing body is the England and Wales Cricket Board, but it is named “England” for all promotional purposes. Even if we accept the well-intentioned new clause tabled by my colleague from the Scottish National party, the Bank of England will still be known, in promotional terms, as the Bank of England.

[Harriett Baldwin]

The hon. Gentleman tries to tempt me down the path of comparisons with sports teams, but I decline to be tempted. The Government amendment is modest: the Bill reduces the frequency of MPC meetings from monthly to at least eight times in every calendar year, and the amendment will simply adjust the reporting requirements of the MPC to match.

New clause 6, tabled by the hon. Member for Carmarthen East and Dinefwr, suggests that we give the MPC a second primary objective of maximising employment. We conducted a comprehensive review of the monetary policy framework in 2013 and concluded that a flexible inflation targeting framework offered the best approach. Employment is already explicitly part of the MPC’s objectives. Its secondary objective is

“to support the economic policy of Her Majesty’s Government, including its objectives for growth and employment.”

The most recent MPC remit letter summarised the Government’s economic policy as being

“to achieve strong, sustainable and balanced growth that is more evenly shared across the country and between industries”.

--- Later in debate ---

[Jonathan Edwards]

The Minister will have heard today the heartfelt concerns of representatives from Wales, Scotland and Northern Ireland about the accountability of the central bank to the devolved Parliaments and Governments. Will she at least commit to a Treasury report on that, or will she request the Bank of England to produce a report on how it aims to improve its financial accountability and its relationship with the devolved Parliaments and Governments?

[Harriett Baldwin]

I think that there are a range of different ways in which that can happen, particularly now that the Treasury Committee in this House has a member from Scotland, and of course we all welcome the fact that the very coins in our pockets are minted in the great country of Wales.

The hon. Member for Carmarthen East and Dinefwr identified the Federal Reserve as an example of a central bank that adopts a dual mandate. US policy makers have judged that that is right for them. We believe that the primacy of price stability is important for anchoring inflation expectations, and we are joined in that belief by other central banks, including those in Canada and New Zealand and the European Central Bank.

I am pleased to have had this opportunity to respond to a range of issues raised in this part of the debate. I commend the Government’s new clause to the House and hope that it will agree to include it in the Bill.

Question put and agreed to.

New clause 12 accordingly read a Second time, and added to the Bill.

New Clause 2

Composition of the Court of Directors of the Bank of England

“In making nominations to the Court of Directors of the Bank of England, the Chancellor of the Exchequer must have regard to the importance of ensuring a balanced representation from the nations and regions of the United Kingdom.”— (George Kerevan.)

Brought up, and read the First time.

Question put, That the clause be read a Second time.