(9 years, 10 months ago)
Commons Chamber14. If he will increase sources of private finance and sponsorship for museums and galleries.
This Government have done more than any of their predecessors to cultivate philanthropy and corporate sponsorship in support of our cultural sector. I commend all those individuals, businesses, trusts and foundations that support museums and galleries across the country.
Museums and galleries right across the country—not just those in London—have never been busier or more successful. Does the Secretary of State agree with the principle of more tax breaks to encourage philanthropic support, and should the magnificent approach taken by the British Museum be encouraged by introducing wider tax breaks elsewhere?
The hon. Gentleman makes an important point. Tax breaks are part of the incentives and the action that the Government can take to encourage more giving. The cultural gift scheme is an example, as is the increase in the annual cap on tax relief that the Government have implemented. We have also simplified the gift aid scheme, but there is always more that we can do. If he has any ideas, I would be happy to listen.
(10 years, 9 months ago)
Commons ChamberNo, I do not agree with the hon. Gentleman. I think the MPC is constituted in the right way. He knows that monetary policy is not a devolved responsibility, and there are no plans to change that.
As well as ensuring more diversity in terms of gender, will my hon. Friend ensure more diversity of opinion and outlook in the membership of the MPC? Specifically, may we have a few free market economists who recognise that cheap credit is a consequence of economic success, not necessarily a cause of it?
I like the contribution my hon. Friend makes to Parliament so I hope that he is not applying to join the MPC. I agree, however, that when appointments are made on merit, diversity is important.
(11 years ago)
Commons ChamberNarrow measures of money show that there has been no significant growth in the money supply. However, broader measures, such as the Divisia money measure, show that there has been a significant and sharp increase since late 2011. Does that concern the Treasury, and can my hon. Friend assure the House that the monetary authorities are not cooking up yet another credit-induced boom?
My hon. Friend is well versed in these matters and makes a significant contribution to the debate on monetary policy. He will know, therefore, that monetary policy is determined by the independent Bank of England, but I will ensure that Governor Carney is made aware of his concerns.