Work of the Committee, 2007-08 - Treasury Contents


2  Core tasks for Select Committees

Introduction

18.  All select committees are guided by a set of common objectives issued by the Liaison Committee in order to encourage a more methodical approach to the business of scrutiny.[11] These core tasks are:
A: To examine and comment on the policy of the department. C: To examine the administration of the department.
1. To examine policy proposals from the UK Government and the European Commission in Green Papers, White Papers, draft Guidance etc, and to inquire further where the Committee considers it appropriate. 6. To examine the department's Public Service Agreements, the associated targets and the statistical measurements employed, and report if appropriate.
2. To identify and examine areas of emerging policy, or where existing policy is deficient, and make proposals. 7. To monitor the work of the department's Executive Agencies, NDPBs, regulators and other associated public bodies.
3. To conduct scrutiny of any published draft bill within the Committee's responsibilities. 8. To scrutinise major appointments made by the department.
4. To examine specific output from the department expressed in documents or other decisions. 9. To examine the implementation of legislation and major policy initiatives.
B: To examine the expenditure of the department. D: To assist the House in debate and decision.
5. To examine the expenditure plans and out-turn of the department, its agencies and principal NDPBs 10. To produce reports which are suitable for debate in the House, including Westminster Hall, or debating committees.

19.  Table 4 at the end of this chapter provides a summary analysis of the extent to which each subject considered by us and our Sub-Committee was relevant to the core tasks. The sections which follow set out each task and highlight a selection of our work most relevant to each core task.

Task 1: Examination of policy proposals

20.  The first core task is "to examine policy proposals from the UK Government and the European Commission in Green Papers, White Papers, draft Guidance etc, and to inquire further where the Committee considers it appropriate". Such a wide-ranging objective clearly permeates most of our activity, but an especially pertinent example of this objective arose in our consideration of the removal of the 10 pence rate of income tax announced in the 2007 Budget.

21.  In the 2007 Budget statement, on 21 March 2007, the then Chancellor of the Exchequer, announced that the 10 pence rate of income tax would be removed with effect from April 2008. Following the 2008 Budget, on 12 March 2008, the abolition of the 10 pence rate and its consequences became central to political and public debate. We announced our inquiry on 22 April, indicating that we expected to complete our work in advance of the Report Stage of the Finance Bill in the House of Commons.[12] Following the commencement of our inquiry, the Chancellor announced on 13 May, that he would amend the Finance Bill to reduce the number of households affected by the removal of the 10 pence tax rate.[13] We therefore adapted our inquiry to scrutinise these new proposals.[14]

22.  In June we published our Report on Budget Measures and Low Income Households, which examined the impact of the abolition of the 10 pence rate of income tax, considering both the effects of initial implementation and the impacts of the measure in the light of the changes to personal allowances announced on 13 May 2008. Our Report was tagged for report stage of the Finance Bill and was quoted by the Financial Secretary in her opening remarks as she introduced two new clauses at Report Stage in order to:

put into effect the Chancellor's statement to the House on 13 May. Raising the personal allowance by £600 to £6,035 is worth £120 for a basic rate taxpayer, equivalent to the average household loss from the Budget 2007 reforms. Around 2 million basic rate taxpayers will benefit from the change. The number of households that lose from the Budget 2007 reforms will be reduced from 5.3 million to 1.1 million, and the amounts for those who still see a loss will be at least halved.[15]

23.  In our Report, we analysed the effects of the abolition of the 10 pence rate of income tax as initially implemented on individuals and households, particularly considering the impact on low-income households. We concluded that:

It is vital that, in the 2008 Pre-Budget Report and subsequent announcements, the Government is clear on the underlying principles behind future reforms of personal taxation, and reasons for the balance it is seeking to strike between fairness and simplicity.[16]

24.  The Chancellor in his statement of 13 May said that his aim for 2009-10 and future years was to continue the £120 of support for those on lower incomes. In its response to our Report, the Government highlighted the significant concessions it had made when it stated that "the reforms announced in the 2008 Pre-Budget Report reduce the number of households paying more net tax from 1.1 million to around 500,000".[17]

25.  We have demonstrated on a number of occasions that a constructive questioning of a defective policy can serve to bring deficiencies to the attention of Ministers, often with a positive outcome. The Sub-Committee returned to its analysis of the Child Trust Fund in May 2008. It raised several concerns with Kitty Ussher MP, the then Economic Secretary to the Treasury, relating to the linkage between delayed child tax credit payments and the supplementary payments for Child Trust Funds. Ms Ussher welcomed the points raised in committee:

this has been a very interesting line of questioning and we need to go back and make sure, firstly that we have considered the policy point raised by the Honourable Members, and also that we look at the way it is presented so that people get the best possible advice. I will do that as a result of this. [18]

26.  Stephen Timms, Financial Secretary to the Treasury, was able to inform us in November 2008 that new regulations would be introduced to change the rules so that children otherwise eligible for the additional payment under the Child Trust Fund did "not miss out because a tax credit claim is not made within three months. Those new rules will extend the eligibility window from three months to a minimum of 12 and regulations to achieve that will be laid shortly".[19]

27.  In October 2008, following the Government announcement that it was "bringing forward specific and comprehensive measures to ensure the stability of the financial system and to protect ordinary savers, depositors, businesses and borrowers"[20], the main Committee held a single evidence session exploring the impact of the banking bailout on the Economics of the housing market. The session illuminated key issues within the housing market and enabled us to have an informed debate with expert witnesses from the housing and mortgage markets.[21] The property market is a highly emotive issue and our inquiry prompted great public interest. Our one-off evidence session raised concerns which will be followed up within the context of our current inquiry into the banking crisis.

Task 2: Identification and examination of certain policies  

28.  The second core task is "to identify and examine areas of emerging policy, or where existing policy is deficient, and make proposals". The banking crisis, and the nationalisation of Northern Rock, led to a highly intensive inquiry in a compressed timeframe on prudential regulation and the handling of financial crises by the authorities. This led to our report The run on the Rock, which provided an analysis of the events that had led to problems of Northern Rock, and a set of recommendations suggesting major improvements in the regulatory framework, and the system of depositor protection, were required. Although we concluded that "the directors of Northern Rock were the principal authors of the difficulties that the company has faced since August 2007",[22] amongst our 83 conclusions and recommendations, we highlighted weaknesses with the Financial Services Authority, concluding that "The failure of Northern Rock, while a failure of its own Board, was also a failure of its regulator".[23] We recommended the establishment of a new position at the Bank of England, the "Deputy Governor of the Bank of England and Head of Financial Stability", the holder of which post would have "a key role in ensuring that a Chancellor of the Exchequer receives authoritative and co-ordinated advice in any future case where financial stability is threatened by difficulties in the banking sector, and that post-holder would be one of the principal channels of advice to the Chancellor of the Exchequer".[24] On depositor protection, we recommended the establishment of a pre-funded scheme.[25] Our work did not pass without comment, as Mervyn King, the Governor of the Bank of England remarked that our report on Northern Rock had "helped enormously in guiding the drawing of lessons on the resolution of individual banks". [26]

29.  Arising from our ongoing scrutiny of the Financial Services Authority (FSA), our inquiry into Inherited Estates focused on its regulation of this particular aspect of with-profits policies.[27] Over recent decades, managers within the with-profits funds sector have been accused of conflicts of interest, leading to concern among some holders of with-profits policies that their interests have not been adequately protected.

30.  We were not satisfied that the FSA had done enough to provide a robust framework within which such conflicts of interest could be managed and reported. The FSA seemed to us to have relied on a series of ad hoc regulations rather than providing a holistic approach to policy. Consequently we urged a reopening of the debate about the fundamental design of the regulatory system for with-profits funds.[28] Furthermore we made a series of recommendations on detailed aspects of the use of inherited estate by firms' management, in addition to proposing measures to increase the transparency of this complex area of financial services. We called for an enhanced role and a clear customer representation mandate for the internal With-Profits Committees of life firms.[29]

31.   Our inquiry served to shed light on a complex policy area, providing information which many consumers had previously found difficult to access. Consumer groups, including Which? and the Policyholder Advocate, warmly welcomed our Report. Although the FSA has to date only acted on a minority of our recommendations, our inquiry served to advance the public debate on this issue.

Task 3: Conduct scrutiny of any published draft bill

32.  The third core task is to "conduct scrutiny of any published draft bill". The crisis which engulfed Northern Rock from mid-September 2007 onwards demonstrated the inadequacy of the legislative and regulatory framework for handling banks in difficulty and the case for reform. Shortly after we published our Report on The run on the Rock in January 2008, HM Treasury, the FSA and the Bank of England—known collectively as the Tripartite authorities—published a consultation document on legislative and other changes entitled Financial stability and depositor protection: strengthening the framework.[30] The document was followed by the publication of a series of draft clauses in Financial stability and depositor protection: special resolution regime, which were to become incorporated into the Banking Bill.[31]

33.  The run on the Rock was the subject of an Estimates Day debate on 10 March 08. On 26 March the FSA published a summary of an internal audit report on lessons learned from its supervision of Northern Rock, before issuing its full report on 28 April. In April and May we took further oral evidence relevant to the reform proposals from Mervyn King, Governor of the Bank of England, Sir Callum McCarthy, the then Chairman of the FSA, Hector Sants, Chief Executive of the FSA, and from the British Bankers' Association. On 1 July, the Tripartite authorities published a further consultation document on proposed banking reforms. We undertook a swift inquiry into the proposals set out in that document, reporting in mid-September in order to comply with the timetable for consultation set out by the Government.[32] This led to our report Banking Reform, which had as one of its stated aims "To consider existing proposals for, and make further proposals about the content of, the forthcoming legislation".[33] While commenting on the draft clauses as presented in Financial stability and depositor protection: special resolution regime, we also recognised in our Report Banking Reform the importance of non-legislative agreements, such as the proposed revised Memorandum of Understanding between HM Treasury, the Bank of England and the Financial Services Authority.[34]

Task 4: Examination of departmental documents and decisions

34.  The fourth core task is "to examine specific output from the department expressed in documents or other decisions". The main documents published each year by the Treasury are the Budget and Pre-Budget Report (PBR). The Committee's bi-annual inquiries into these substantial documents provide valuable and real-time analysis through the expedited examination of experts, Treasury officials and then the Chancellor of the Exchequer on the public finances, state of the economy and the decisions underpinning individual tax measures. In 2007-08 we reported on the Budget before the second reading of the Finance Bill, in keeping with previous years, in order to inform the debate on that Bill.[35]

35.  In 2007-08, we published Reports on the Pre-Budget Report 2007, as well as on the 2008 Budget.[36] In our assessment of the PBR we raised concern regarding the Treasury's forecast that the growth rate would revert to trend in 2009 which we felt had not been adequately explained. A similar theme was expounded in our report into the Budget 2008 where we concluded that the Treasury might have given insufficient weight to the possibility of continued financial market turbulence. We went on to argue that some of the economy's characteristics that had proven beneficial prior to the current crisis—rapidly rising property prices, close links with the US, reliance on the financial services sector—might prove to be the very conduit through which problems in global financial markets might be transmitted to the UK.

36.  During the debate on the Second Reading of the Finance Bill, the value of the analysis provided by the Committee was highlighted by the Chief Secretary to the Treasury in her opening remarks. The Chief Secretary went on to acknowledge that further work needed to be undertaken to establish the number of households likely to be disadvantaged by the abolition of the 10 pence tax rate and welcomed our prompt announcement of subsequent work in this area. [37]

37.  Following our Report, HM Treasury accepted our recommendation that the level of uncertainty shown in growth forecasts set out in the PBR lacked sufficient explanation. We note that the Pre-Budget Report 2008 included greater details about the economic modelling assumptions informing HM Treasury's growth forecasts. Dave Ramsden, Managing Director, Macroeconomics and Fiscal Policy, HM Treasury, told us that "in response to this Committee's recommendations we have tried to set out a lot more detail, including the risks to that prospect, and we are not underplaying those risks at all.…Also, we have published at the back of Annex A [of the Pre-Budget Report], a lot of detail on the risks and we have set out forecasters who do not think recovery is going to be as strong in 2010."[38]

Task 5: Examination of expenditure  

38.  The fifth core task is "to examine the expenditure plans and out-turn of the department, its agencies and principal NDPBs". The Treasury Committee has long accorded a high priority to scrutiny of expenditure, both in relation to the Chancellor's departments' own expenditure and the Treasury's overall role in allocating and controlling public expenditure.

39.  A significant part of the Sub-Committee's work is devoted to analysis of financial matters, most notably in relation to the Treasury's management of its own resources and to the expenditure of HM Revenue & Customs. We have previously noted the proposal of the Liaison Committee that all appropriate select committees should report on their examination of Departmental Annual Reports,[39] and accordingly our Report on the Sub-Committee's annual monitoring of the Administration and expenditure of the Chancellor's departments in 2006-07 was published in January 2008. The Sub-Committee has continued to review its concerns arising from the Report throughout the autumn and this led to our recent Report, Administration and expenditure of the Chancellor's departments, 2007-08.[40]

Task 6: Examination of Public Service Agreements and targets  

40.  The sixth core task is "to examine the department's Public Service Agreements, the associated targets and the statistical measurements employed, and report if appropriate". The Treasury has hitherto had joint responsibility—and from April 2008 will have lead responsibility—for the Public Service Agreement (PSA) relating to child poverty. Performance against the targets in that Agreement has been the subject of recurring scrutiny in our inquiries on successive Budgets and Pre-Budget Reports.

41.  In December 2007, in our Report on the outcome of the Comprehensive Spending Review, we looked at various aspects of the new PSA for child poverty, including the role and relationship between different Government departments in meeting the target, the indicators used for the measurement of material deprivation and the prospects for meeting the 2010-11 target to halve child poverty relative to the 1998-99 baseline. [41] [42]

42.  Our Report on the Sub-Committee's scrutiny of the Administration and expenditure of the Chancellor's departments, 2006-07 evaluated HM Treasury's and HMRC's performance against their PSAs. We revisited these targets when we took evidence from Treasury and HMRC officials in November 2008[43], providing evidence which was incorporated into our report on the Administration and expenditure of the Chancellor's departments, 2007-08.

43.  From April 2008, the existing performance management framework comprising 120 PSAs across Government was superseded by a new structure of 30 PSAs and separate Departmental Strategic Objectives (DSOs). We examined the role of the new DSOs and their relationship to PSAs in our Report on the Comprehensive Spending Review in December 2007.[44] Following a suggestion we made in a previous Report,[45] the Treasury contacted us to consult us on the development of its new PSAs and DSOs. We have published the resulting correspondence,[46] welcomed the consultation and discussed the outcome further in our report on the Administration and expenditure of the Chancellor's departments, 2006-07.[47]

Task 7: Monitoring of associated public bodies  

44.  The seventh core task is "to monitor the work of the department's Executive Agencies, NDPBs, regulators and other associated public bodies". Since one such body, the Monetary Policy Committee (MPC) of the Bank of England, was granted operational independence in monetary policy, we have attached great importance to analysing the basis of interest rate decisions, principally through quarterly hearings on the MPC's Inflation Reports. In 2007, in addition to hearings on those Reports[48] we have encouraged the MPC to make more transparent the work of its committee members. In 2007-08 the MPC provided a series of short annual reports ahead of Treasury Committee hearings to further enhance accountability of individual MPC members. In their reports, each MPC member reviewed their decisions on interest rate votes over the past year, offered their perspective on the economic and inflation outlook and gave details of their speeches, regional visits, and other activities. [49]

45.  The Sub-Committee takes regular evidence from HM Revenue & Customs (HMRC). Early in 2007-08, Rt Hon Jane Kennedy MP, the then Financial Secretary, and Angela Eagle MP, Exchequer Secretary, gave evidence on the experience of, and lessons learned from, the merger of HM Customs & Excise and Inland Revenue.[50] This autumn the Sub-Committee has undertaken scrutiny of the Government Actuary's Department, the Valuation Office and the Debt Management Office alongside its annual hearings with HM Treasury and HM Revenues & Customs.[51]

Task 8. Scrutinise major appointments made by the department

46.   The eighth task is "to scrutinise major appointments made by the department". As we highlighted in our Report last year, we welcomed the Government's Green Paper on The Governance of Britain which invited select committees to hold non-binding pre-appointment hearings with nominees for key positions.[52] At that time the Chancellor of the Exchequer also indicated that he would invite us to hold pre-commencement hearings with all appointees to the MPC (as well as with the Chairman of the Financial Services Authority).[53] This announcement was in line with the Treasury Committee's previous practice as we have held appointment hearings with all new appointees to the MPC since 1998.[54]

47.  On 29 May 2008, the Government announced the appointment of Lord Turner of Ecchinswell as Chairman of the Financial Services Authority, for a period of five years commencing in September 2008. [55] As part of our continuing scrutiny of the FSA and of major public appointments within the responsibility of HM Treasury, we held a meeting with Lord Turner, assessing his suitability for the post against the criteria of professional competence and personal independence, as well as seeking his views on some of the policy challenges facing the FSA. Lord Turner will have a key role to play in tackling the challenges arising from the banking crisis. We reported that we were satisfied that Lord Turner met the appropriate criteria.[56]

48.  On 19 June 2008, the Government announced the appointment of Charlie Bean as Deputy Governor of the Bank of England for Monetary Stability, for a period of five years starting on 1 July 2008.[57] As part of our continuing commitment to the accountability of the Bank of England and in the light of new arrangements for parliamentary scrutiny of certain senior appointments, we took evidence from Charlie Bean relating to his appointment.

49.  We had welcomed the Chancellor of the Exchequer's positive response to our previous recommendation that the posts of the Governor of the Bank of England and of the Deputy Governors be filled by open advertisement[58] and while noting that this process was not followed for the appointment of Charlie Bean as Deputy Governor, we were satisfied that Charlie Bean had the professional competence and personal independence required for the post of Deputy Governor of the Bank of England for Monetary Policy.

50.  In December 2007, the Chairman of the Committee gave oral evidence to the Public Administration Committee on parliamentary oversight of public appointments, drawing upon the Treasury Committee's extensive experience in this area. We look forward to continuing to develop our role in relation to senior appointments made by the Treasury in relation to which there is a particular or direct parliamentary interest.

Task 9: Examination of implementation of legislation and policy

51.  The ninth core task is "to examine the implementation of legislation and major policy initiatives". Our inquiry into the Budget Measure and Low Income Households,[59] provided us with an opportunity to investigate concerns raised during the Second Reading of the Finance Bill about the effects of the removal of the 10 pence rate of income tax.

52.  Our Report was published on 28 June. It analysed the effects of the removal of the starting rate of income tax and of the additional measures announced on 13 May in the context of the Government's broader policy objectives relating to poverty, welfare and the tax system. We argued that the Government should use the Pre-Budget Report more effectively for consulting on personal tax measures. We concluded that the Government needed to ensure that in future years all losers from the removal of the starting rate of income tax were compensated through the tax system, but that, in the longer term, reforms should be concentrated on the greater challenges faced in combating child poverty, pensioner poverty and in-work poverty. [60]

53.  The Government announced measures to help those affected by the removal of the 10 pence tax rate in May 2008. It promised an additional £600 increase in the personal tax allowance for 2008-09, providing up to £120 to around 22 million basic rate taxpayers aged under 65. The 2008 Pre-Budget Report made permanent both the £600 increase in the personal allowance and the £1,200 reduction in the basic rate limit announced in May.

54.  The Treasury Sub-Committee's inquiry into Counting the population followed the work undertaken earlier in this Parliament by the Sub-Committee on Independence for Statistics and on Preparations for the 2011 Census and the work of the Treasury Sub-Committee in the last Parliament on The 2001 Census. The inquiry was undertaken in response to concerns expressed by Members of Parliament, Local Authorities and independent experts about the adequacy of current population statistics. Population estimates are the core component in statistical formulae that allocate very large sums of public money to the devolved administrations, local government, the NHS and other public services. The Sub-Committee therefore examined the current methods used to count the population and the impact of any inaccuracies or inadequacies within population estimates. The work undertaken highlighted several areas where current statistical policy was defective, drawing from numerous submissions from local authorities and city councils during the inquiry.[61]

55.   Our Report, Counting the population, was widely praised by independent experts. In granting its award to the Committee for "better information from government" the Demographic User Group's Conference Board remarked that it was:

"very pleased that the Committee chose to investigate an issue which is of great interest to many people and organisations. Its radical yet constructive recommendations for: better updated population estimates, including short-term migrants, and daytime populations, more use being made of government administrative files for statistical purposes, and the creation of a definitive national address file… all chime with the Group's objective of getting better current information".[62]

56.  The Sub-Committee has also recently taken evidence on the revaluation of UK statutory ports. This issue was raised during the Sub-Committee's scrutiny of the Valuation Office Agency's Annual Report and Accounts. The high profile of our Committee has meant that we received, through e-mails, letters and press articles, a great deal of feedback about issues raised during the evidence session and this enabled the matter to be pursued in subsequent hearings. This evidence will be incorporated in a committee report.

Task 10: Informing parliamentary debate

57.  The tenth core task is "to produce reports which are suitable for debate in the House, including Westminster Hall, or debating committees". The table below shows the manner in which our inquiries and Reports have informed debate. A detailed commentary is then set out in the paragraphs which follow.

Table 4: Inquiries that have informed parliamentary debate
Committee Inquiry Outcome Debate
The run on the Rock ReportSecond Reading of the Banking (Special Provisions) Bill on 19 February 2008, Estimates day on 10 March 2008
Unclaimed assets within the financial system ReportSecond Reading of the Dormant Bank and Building Society Accounts Bill on Monday 6 October.
Banking Reform ReportSecond reading of the Banking reform Bill - 14 October 2008
2008 Budget ReportSecond Reading of the Finance Bill on 21 April 2008
Budget Measures and Low Income households ReportFinance Bill: Consideration Stage on Tuesday 1 July 2008

58.  We have continually sought to bring clarity to parliamentary and public debate throughout the current financial period. Mervyn King, the Governor of the Bank of England remarked that our report on Northern Rock had "helped enormously in guiding the drawing of lessons on the resolution of individual banks".[63] The Treasury Committee received the House magazine's "Select Committee of the Year" Award for its "illuminating and rigorous work on the credit crunch". [64]

59.  Our report into Budget Measures and Low income Households was published in late April 2008 following concerns raised during the Second Reading of the Finance Bill about the effects of the removal of the 10 pence rate of income tax. We moved quickly to complete our inquiry before the Report stage of the Finance Bill in order to inform that debate. Following the debate the Government announced a set of measures designed to mitigate the effect to many of those effected by the removal of the tax rate.

60.  Our report into Banking Reform was published on 16 September 2008 with the specific aim of informing the Government and the House during the introduction of the Banking Bill. On 1 July 2008, the Tripartite authorities published a consultation document on proposed banking reforms and we agreed to undertake an inquiry. We concluded that the overall case for legislative action in the field of banking regulation was compelling and made a series of recommendations relating to depositor protection, the proposed Financial Stability Committee of the Bank of England, and the work undertaken by the Financial Services Authority in relation to potentially failing financial institutions.

61.  The relevance of our Committee's work to proceedings in the House has by no means been restricted to work we have undertaken this session. Our Report on Unclaimed Assets within the financial system had already helped to inform and influence debate on the Dormant Bank and Building Society Accounts Bill [Lords] in the House of Lords in 2006-07,[65] and went on to assist the House during proceedings on that Bill in the Commons; our Report was 'tagged' for debate on the Second Reading of the Dormant Bank and Building Society Accounts Bill [Lords] on Monday 8 October 2008.

Table 5: Core tasks relevant to subjects covered in oral evidence by the Treasury Committee and its Sub-Committee in 2007-08

Subject 1 2 3 4 5 6 7 8 9 10
Run on the Rock  
v
          
v
     
v
Financial Stability and Transparency   
v
                     
Bank of England February 2008 Inflation Report        
v
v
  
v
        
Financial Reporting and the National Accounts
v
                  
v
  
Re-Appointment of Dr Andrew Sentance to the Monetary Policy Committee                   
v
     
The 2008 Budget
v
v
  
v
  
v
        
v
Counting the population
v
v
          
v
        
Administration and expenditure of the chancellor's departments, 2006-07           
v
v
v
        
Re-appointment of Mervyn King as Governor of the Bank of England                   
v
     
Budget Measures and Low-Income Households
v
v
                  
v
Inherited Estates  
v
          
v
       
Private Equity  
v
                    
Appointment Lord Turner of Ecchinswell as Chairman of the Financial Services Authority                     
v
  
Appointment of Charlie Bean as Deputy Governor to the Bank of England                     
v
  
Appointment of Spencer Dale to the Monetary Policy Committee of the Bank of England                  
v
  
Child Trust Funds: follow-up   
v
             
v
  
Bank of England May 2008 Inflation Report       
v
  
v
v
      
Estate Management in the Chancellor's Departments
v
  
v
               
Banking Reform
v
v
        
v
    
v
Bank of England November 2007 Inflation Report       
v
  
v
v
      
Regulation of Oil Markets   
v
                 
Bank of England August 2008 Inflation Report       
v
  
v
v
      
Economics of the Housing Market   
v
                 
Financial Services Authority: annual report scrutiny
v
v
  
v
    
v
      
Banking Crisis
v
v
        
v
      
Offshore Financial Centres   
v
                 
Administration and expenditure in the Chancellors departments 2007-08   
v
        
v
      




11   Treasury Committee, Third Report of Session 2006-07, Work of the Committee in 2005-06, HC 191, para 9; Liaison Committee, First Report of Session 2006-07, Annual Report for 2005-06, HC 406, para 7 Back

12   Treasury Committee Announcement, "Treasury Committee announces new inquiry: Budget Measures and Low-Income Households", 22 April 2008. All announcements referred to are available on the Committee's website at the following address: http://www.parliament.uk/parliamentary_committees/treasury_committee/treasury_committee_press_notices.cfm. Back

13   HC Deb, 13 May 2008, col 1201 Back

14   Treasury Committee Announcement, "Forthcoming evidence sessions, publication of written evidence and call for additional written evidence", 15 May 2008 Back

15   HC Deb, 1 July 2008, col 740 Back

16   Treasury Committee, Thirteenth Report of Session 2007-08, Budget Measures and Low-Income Households, HC 326, para 228 Back

17   Treasury Committee, First Special Report of Session 2008-09, Budget Measures and Low-Income Households: Government Response to the Committee's Thirteenth Report of Session 2007-08, HC 69, para 22 Back

18   Oral evidence taken before the Treasury Committee on 14 May 2008 HC (2007-08) 537-i, Q 26 Back

19   Treasury Committee, First Report of Session 2008-09, Administration and expenditure of the Chancellor's departments, HC 35, Ev 62 Back

20   HM Treasury, Financial support to the banking industry, 8 October 2008 Back

21   Oral evidence taken before the Treasury Committee on 14 October 2008, HC 1092-i Back

22   HC (2007-08) 56-I, para 31 Back

23   HC (2007-08) 56-I, para 66 Back

24   Ibid., para 315 Back

25   Ibid., para 263 Back

26   Oral evidence taken before the Treasury Committee on 25 November 2008, HC 1210-i, Ev 16 Back

27   An insurance contract that participates in the profits of a life insurance company. Back

28   Treasury Committee, Twelfth Report of Session 2007-08, Inherited Estates, HC 496 Back

29   Ibid., para 101 Back

30   Financial Stability and Depositor Protection: Strengthening the Framework, The consultation document is published jointly by HM Treasury, the Financial Services Authority and the Bank of England (the Authorities). January 2008 Back

31   Financial Stability and Depositor Protection: special resolution regime, The consultation document is published jointly by HM Treasury, the Financial Services Authority and the Bank of England (the Authorities). July 2008 Back

32   Treasury Committee, Seventeenth Report of Session 2007-08, Banking Reform, HC 1008, para 2 Back

33   Ibid., para 4 Back

34   Ibid., para 256 Back

35   HC Deb 21 Apr 2008,col 1075 Back

36   Treasury Committee, Second Report of Session 2006-07, The 2006 Pre-Budget Report, HC 115; Treasury Committee, Fifth Report of Session 2006-07, The 2007 Budget, HC 389-I; Treasury Committee, Second Report of Session 2007-08, The 2007 Pre-Budget Report, HC 54-I Back

37   HC Deb, 21 Apr 2008, col 1075 Back

38   Oral evidence taken before the Treasury Committee on 9 December 2008, HC 27-ii, Q 114 Back

39   HC (2006-07) 406, para 32 Back

40   HC (2008-09) 35 Back

41   Treasury Committee, First Report of Session 2007-08, The 2007 Comprehensive Spending Review, HC 55, paras 38-64 Back

42   Treasury Committee, Ninth Report of Session 2007-08, The 2008 Budget, HC 430, para 45 Back

43   HC (2008-09) 35 Back

44   Treasury Committee, Sixth Report of Session 2006-07, The 2007 Comprehensive Spending Review: prospects and processes, HC 279, paras 88-95; HC (2007-08) 55, paras 28-37 Back

45   HC (2007-08) 55, para 102 Back

46   Ibid., Ev 21-34 Back

47   Treasury Committee, Seventh Report of Session 2007-08, Administration and expenditure of the Chancellor's departments, 2006-07, HC 57 Back

48   Treasury Committee, Oral and written evidence. Bank of England February 2007 Inflation Report, HC (2006-07) 414-i; Treasury Committee, Oral and written evidence, Bank of England May 2007 Inflation Report, HC (2006-07) 568-i; Treasury Committee, Oral and written evidence, The November 2007 Inflation Report, HC (2007-08) 139-i Back

49   http://www.bankofengland.co.uk/publications/other/treasurycommittee/mpc/annual/index.htm Back

50   Treasury Sub-Committee, Oral and written evidence, The merger of HM Customs & Excise and Inland Revenue, HC (2006-07) 192-i Back

51   HC (2008-09) 35 Back

52   Ministry of Justice, The Governance of Britain, Cm 7170, July 2007, para 79 Back

53   HC (2007-08) 230, para 23; HC Deb, 3 July 2007, col 43WS Back

54   HC (2006-07) 191, para 29 Back

55   HM Treasury Press Notice 50/08, "Chancellor announces new chairman of the Financial Services Authority", 29 May 2008 Back

56   Treasury Committee, Fourteenth Report of Session 2007-08, Appointment of Lord Turner of Ecchinswell as Chairman of the Financial Services Authority, HC 916-I, para 17  Back

57   HM Treasury Press Notice 65/08, "Bank of England", 19 June 2008 Back

58   Treasury Committee, Twelfth Report of Session 2006-07, The Monetary Policy Committee of the Bank of England: ten years on, HC 299-I, para 84 Back

59   Treasury Committee, Thirteenth Report of Session2007-08, Budget Measures and Low-Income Households, HC 326 Back

60   HC (2007-08) 326, para 224 and 225 Back

61   Treasury Committee, Eleventh Report of Session 2007-08, Counting the population, HC 183-II Back

62   http://www.demographic.co.uk/ Back

63   HC (2007-08) 1210-i  Back

64   The House Magazine, Issue 1267, 23 June 2008 Back

65   See HL Deb, 10 December 2007, cols GC9-10 Back


 
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