Formal Minutes
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House of Commons Treasury Committee Formal Minutes Session 2008–09 Treasury Committee: Formal Minutes 2008–09 1 Proceedings of the Committee Thursday 4 December 2008 John McFall, in the Chair Nick Ainger Ms Sally Keeble Mr Graham Brady Mr Andrew Love Jim Cousins Mr Mark Todd Mr Stephen Crabb Sir Peter Viggers Mr Michael Fallon 1. New Member Mr Stephen Crabb disclosed his interests, pursuant to the resolution of the House of 13 July 2002. For details of declaration of interests, see appendix 1. 2. Specialist Advisers (declaration of interests) The interests of the following specialist advisers were disclosed: Mr Roger Bootle, Professor David Heald, Professor David Miles, Professor Anton Muscatelli, Ms Bridget Rosewell, Professor Colin Talbot and Professor Geoffrey Wood. For details of declaration of interests, see appendix 2. 3. The Committee’s programme of work The Committee considered this matter. 4. Pre-Budget Report 2008 Ordered, That the following written evidence relating to the Pre-Budget Report 2008 be reported to the House for publication on the internet: Child Poverty Action Group, ACCA, Association of Friendly Societies, Professor David Heald, Professor Colin Talbot, John Whiting, and the New Policy Institute. Mr Robert Chote, Director, Institute for Fiscal Studies; Mr Roger Bootle, Managing Director, Capital Economics; Mr Simon Kirby, Research Fellow, National Institute of Economic and Social Research; Professor Colin Talbot, Professor of Public Policy and Management, Manchester Business School and Mr John Whiting, PwC and Low Incomes Tax Reform Group (LITRG), gave oral evidence. Mr Mike Brewer, Director, Institute for Fiscal Studies, Ms Teresa Perchard, Director of Public Policy, Citizens Advice, Mr Mervyn Kohler, Head of Public Affairs, Help the Aged, Mr Peter Kenway, Director, New Policy Institute, and Mr John Whiting, PwC and Low Incomes Tax Reform Group (LITRG), gave oral evidence. [Adjourned till Tuesday 9 December at 9.30 am. 2 Treasury Committee: Formal Minutes 2008–09 Tuesday 9 December 2008 John McFall, in the Chair Nick Ainger Mr Michael Fallon Mr Graham Brady Mr Andrew Love Mr Colin Breed Mr George Mudie Jim Cousins John Thurso Mr Stephen Crabb Mr Mark Todd 1. The Committee’s programme of work The Committee considered this matter. 2. Pre-Budget Report 2008 Ordered, That the following written evidence relating to the Pre-Budget Report 2008 be reported to the House for publication on the internet: Institute of Chartered Accountants in England and Wales, Prospect, Trades Union Congress, and the Public and Commercial Services Union. Mr Dave Ramsden, Managing Director, Macroeconomics and Fiscal Policy, Mr James Richardson, Director, Public Spending, Mr Edward Troup, Director, Business and Indirect Tax, Mr Mike Williams, Director, Personal Tax and Welfare Reform, and Mr Clive Maxwell, Director, Financial Services, HM Treasury, gave oral evidence. [Adjourned till Wednesday 10 December at 2.15 pm. Treasury Committee: Formal Minutes 2008–09 3 Wednesday 10 December 2008 John McFall, in the Chair Nick Ainger Ms Sally Keeble Mr Graham Brady Mr Andrew Love Mr Colin Breed Mr George Mudie Jim Cousins John Thurso Mr Stephen Crabb Mr Mark Todd Mr Michael Fallon Sir Peter Viggers 1. The Committee’s programme of work The Committee considered this matter. 2. Budget Measures and Low-Income Households Draft Special Report (Budget Measures and Low-Income Households: Government Response to the Committee’s Thirteenth Report of Session 2007–08), proposed by the Chairman, brought up, read the first and second time, and agreed to. The Government’s response to the Thirteenth Report from the Committee of Session 2007–08 was appended to the Report. Resolved, That the Report be the First Special Report of the Committee to the House. Ordered, That the Chairman make the Report to the House. 2. Pre-Budget Report 2008 Rt Hon Alistair Darling, Chancellor of the Exchequer, Dave Ramsden, Managing Director, Macroeconomics and Fiscal Policy, and Mark Bowman, Director, Tax Strategy and Delivery, HM Treasury, gave oral evidence. [Adjourned till Monday 15 December at 1.25 pm. 4 Treasury Committee: Formal Minutes 2008–09 Monday 15 December 2008 John McFall, in the Chair Mr Graham Brady Mr Stephen Crabb Mr Colin Breed Sir Peter Viggers 1. The Committee’s programme of work The Committee considered this matter. 2. Petition from London Global Table The Committee considered the petition to the House from London Global Table concerning legislation to enable the Bank of England to issue interest-free loans for public, environmental and clean electricity capital projects. 3. The Work of the Financial Services Authority, 2007–08 Mr Adam Phillips, Acting Chairman, Financial Services Consumer Panel, Mr Nick Prettejohn, Chairman, Financial Services Practitioner Panel, Mr Simon Bolam, Chairman, Smaller Businesses Practitioner Panel, and Mr Peter Vicary-Smith, Chief Executive, Which?, gave oral evidence. Mr Hector Sants, Chief Executive, Mr Dan Waters, Director, Retail Policy and Conduct Risk, and Ms Lesley Titcomb, Director, Small Firms and Contact Centre, and Retail Intermediaries and Mortgage Sector Leader, Financial Services Authority, gave oral evidence. [Adjourned till Tuesday 13 January 2009 at 9.30 am. Treasury Committee: Formal Minutes 2008–09 5 Tuesday 13 January 2009 John McFall, in the Chair Nick Ainger Ms Sally Keeble Mr Graham Brady Mr Andrew Love Jim Cousins Mr George Mudie Mr Stephen Crabb Mr Mark Todd Mr Michael Fallon Sir Peter Viggers 1. The Committee’s programme of work The Committee considered this matter. 2. Banking Crisis Resolved, That the Committee visit the United States in May 2009 in connection with its inquiry into the banking crisis, and that the Chairman seek the approval of the Liaison Committee for expenditure in connection with the visit. Resolved, That the Committee visit the Northern Ireland in March 2009 in connection with its inquiry into the banking crisis. Ordered, That the following written evidence relating to Banking Crisis be reported to the House for publication on the internet: Chartered Institute of Personal Development, FT, NUJ, Odey Asset Management, Shelter, David H Smith, Campaign for Community Banking Services (CCBS), Landsbanki Guernsey Depositors Action Group, Incentive Media, International Securities Lending Association (ISLA), Equifax, States of Guernsey, Association of Independent Financial Advisers (AIFA), Association of British Insurers (ABI), BDO Stoy Hayward LLP, The Association of Mortgage Intermediaries (AMI), Financial Reporting Council, Paragon Group, News International, Periodical Publishers Association, Centre for Research on Socio Cultural Change, The Institute of Chartered Accountants of Scotland, Ken Cooney, Resources Compliance, KPMG, James Robertson, Save our Savings (SOS), Christian Aid, Hedge Fund Standards Board, Scottish Daily Newspaper Society, The Newspaper Society, Investment Management Association, Which?, PIRC Ltd, Guardian News and Media Ltd, Financial Services Consumer Panel, London Stock Exchange, Building Societies Association, ICAEW, Geoffrey Carleton, Professor Prem Sikka, Andrew Crocket, Tony Shearer, Isle of Man, PwC, BBA, Independent Remuneration Solutions, Professor Stella Fernley, Tony Hines and Professor Vivien Beattie, Financial Inclusion Centre, Co-op Financial Services Ltd, Prudential Plc, APACS, Alternative Investment Management Association Limited (AIMA), Professor Willem Buiter and Professor Anne Sibert, Guernsey FSC, Council of Mortgage Lenders, Unite, Scottish Monetary Reform, Barbara Gray, Diane Ashby, John Thorburn, John 6 Treasury Committee: Formal Minutes 2008–09 Clayton, Simon Davies, Akm Ismail, T W R Davies, Forum for Stable Currencies, Alan Clegg, and John Bradley. Professor Charles Goodhart, Professor Emeritus of Banking and Finance, Professor Willem Buiter, Professor of European Political Economy, and Dr Jon Danielsson, Financial Markets Group, London School of Economics, gave oral evidence. Richard Lambert, Director General, CBI , Will Hutton, Chief Executive Officer, Work Foundation, and Jon Moulton, Managing Partner, Alchemy Partners, gave oral evidence. [Adjourned till Wednesday 14 January 2009 at 2.15 pm. Treasury Committee: Formal Minutes 2008–09 7 Wednesday 14 January 2009 John McFall, in the Chair Nick Ainger John Mann Mr Graham Brady John Thurso Mr Michael Fallon Mr Mark Todd Ms Sally Keeble Sir Peter Viggers Mr Andrew Love 1. New Member John Mann disclosed his interests, pursuant to the resolution of the House of 13 July 2002. For details of declaration of interests, see appendix 1. 2. The Committee’s programme of work The Committee considered this matter. 3. Administration and expenditure of the Chancellor’s departments, 2007–08 Draft Report from the sub-committee (Administration and expenditure of the Chancellor’s departments, 2007–08), brought up and read. The draft Report was agreed to; the Formal Minutes relating to the consideration of the Report are published in the First Report of the Committee, HC 27, p55. 4. Banking Crisis Doug Taylor, Personal Finances Campaign Manager, Which?, Peter Tutton, Senior Policy Officer, Citizens Advice, and Andrew Cave, Head of Policy, Federation of Small Businesses, gave oral evidence. Michael Coogan, Director General, Council of Mortgage Lenders, Stephen Sklaroff, Director General, Finance and Leasing Association, and Angela Knight, Chief Executive, British Bankers’ Association, gave oral evidence. [Adjourned till Tuesday 20 January at 9.30 am. 8 Treasury Committee: Formal Minutes 2008–09 Tuesday