Philip Hollobone
Main Page: Philip Hollobone (Conservative - Kettering)Department Debates - View all Philip Hollobone's debates with the HM Treasury
(14 years, 8 months ago)
Commons ChamberRead Full debate Read Hansard Text Read Debate Ministerial Extracts
Mr Hoban
It is important that the Financial Policy Committee is transparent in its dealings. It is a great strength of the Monetary Policy Committee that it is transparent and that it can be held to account by the public for its decisions. We need to ensure that similar arrangements are put in place for the FPC—while respecting, as my hon. Friend has pointed out, the confidentiality of individual firms.
Mr Philip Hollobone (Kettering) (Con)
Will one of the new organisations under the Bank of England, the Office for Budget Responsibility or someone else alert the Treasury if the housing market starts to get overheated again?
Mr Hoban
One of the roles of the Financial Policy Committee is to identify threats to financial stability as they emerge. I would expect the FPC, in its work of looking at overall trends in the economy, to identify that sort of risk and to make it known not just to the Treasury, but to the wider public through its regular reports.