Philip Boswell
Main Page: Philip Boswell (Scottish National Party - Coatbridge, Chryston and Bellshill)Department Debates - View all Philip Boswell's debates with the HM Treasury
(8 years, 1 month ago)
Commons ChamberRead Full debate Read Hansard Text Read Debate Ministerial Extracts
Mr Hammond
I am grateful to my hon. Friend, as he has asked me a very important question. He knows that the operation of monetary policy in the UK is independent of Government. Monetary policy, including measures such as quantitative easing, has been highly effective in supporting the economy. Because of the fiscal implications of an indemnity for the Bank, packages have to be formally agreed by the Chancellor. Although I cannot prejudge any hypothetical request, no request for quantitative easing has ever been refused, and I see no reason why circumstances would be different in future.
Philip Boswell (Coatbridge, Chryston and Bellshill) (SNP)
The latest reports on the dash for cash in RBS’s Global Restructuring Group show even more misconduct by this bank. Given that we own a majority of RBS shares, does the Chancellor not believe that the UK Government have an obligation to the people of this country to conduct a robust investigation into the allegations of misconduct?
The Economic Secretary to the Treasury (Simon Kirby)
The Financial Conduct Authority is looking at this important issue, and we will wait on its view.