Bank of England

Lord Wigley Excerpts

Tuesday 22nd January 2013 Lords Chamber

[Lord Newby]

My Lords, the Government will listen to Mr Carney’s suggestions. Mr Carney has said that he will not comment on the position in the UK until he arrives. His key speech on this issue was made in February last year before he was appointed. In that speech, he said among other things that,

“if nominal GDP targeting is not fully understood or credible, it can, in fact, be destabilizing”.

There is no quick and easy answer—

[Lord Wigley]

My Lords—

[Noble Lords]

Order!