DOCSLIB.ORG

Quarterly Bulletin Summer 2001

Total Page：16

File Type：pdf, Size：1020Kb

Download full-text PDF Read full-text
Quarterly Bulletin Summer 2001 Quarterly Bulletin Summer 2001 Bank of England Volume 41 Number 2 Bank of England Quarterly Bulletin Summer 2001 Summary 143 Recent economic and financial developments Markets and operations 145 Box on comparison of survey and market interest rate expectations 150 Box on hedge fund activity in the foreign exchange market 158 Reports The Bank of England inflation attitudes survey 164 The London Foreign Exchange Joint Standing Committee: a review of 2000 169 Over-the-counter interest rate options 172 Box on types of interest rate option 176 Research and analysis Explaining the difference between the growth of M4 deposits and M4 lending: implications of recent developments in public finances 183 Box on the cash flows involved in a government receipt of £100 million under both cash management arrangements 186 Using surveys of investment intentions 189 Can differences in industrial structure explain divergences in regional economic growth? 195 Has there been a structural improvement in US productivity? 203 Summaries of recent Bank of England working papers Sticky prices and volatile output 210 ‘Oscillate Wildly’: asymmetries and persistence in company-level profitability 211 Investment-specific technological progress in the United Kingdom 212 Research and analysis (continued) The real interest rate gap as an inflation indicator 213 The structure of credit risk: spread volatility and ratings transitions 214 Ratings versus equity-based credit risk modelling: an empirical analysis 215 Stability of ratings transitions 216 Consumption, money and lending: a joint model for the UK household sector 217 Hybrid inflation and price level targeting 218 Crisis costs and debtor discipline: the efficacy of public policy in sovereign debt crises 219 Leading indicator information in UK equity prices: an assessment of economic tracking portfolios 220 Summaries of recent External MPC Unit discussion papers Core inflation in the United Kingdom 221 Speeches International efforts to improve the functioning of the global economy Speech by the Governor, given to the Swiss Institute of International Studies at the University of Zurich on 7 May 2001 222 Monetary stability as a foundation for sustained growth Speech by Ian Plenderleith, Executive Director and member of the Bank’s Monetary Policy Committee, given at the National Association of Pension Funds Investment Conference on 14 March 2001 229 The ‘new economy’: myths and realities Speech by Sushil B Wadhwani, member of the Bank’s Monetary Policy Committee, given as the Travers Lecture at London Guildhall University on 20 March 2001 233 The impact of the US slowdown on the UK economy Speech by Sushil B Wadhwani, delivered to the Bank of England’s North East Agency contacts in Newcastle on 22 February 2001 248 Volume 41 Number 2 Printed by Park Communications © Bank of England 2001 ISSN 0005-5166 Quarterly Bulletin—Summer 2001 Markets and operations This article reviews developments in international and domestic financial markets, (pages 145–63) drawing on information from the Bank of England’s market contacts, and describes the Bank’s market operations in the period 1 February to 11 May 2001. Reports The Bank of England inflation attitudes survey. As part of a new regular series, the (pages 164–82) market research agency NOP undertook a survey of public attitudes to inflation for the Bank of England in February. The results show that, given a choice between higher interest rates or higher inflation, four times as many people would prefer interest rates to go up, rather than prices. Other results suggest that most people are aware that the Bank, rather than the Government, now sets interest rates. 55% are satisfied with the way the Bank is doing its job; just 10% are dissatisfied. Most people are aware that inflation is low, but only one in three knows that it is currently between 1% and 3%. However, very few expect inflation to rise sharply in the year ahead. The London Foreign Exchange Joint Standing Committee: a review of 2000. This article gives an overview of the role of the London Foreign Exchange Joint Standing Committee, and reviews the work undertaken by the Committee during 2000. Over-the-counter interest rate options (by Richhild Moessner of the Bank’s Gilt-edged and Money Markets Division). The Bank of England’s Monetary Policy Committee uses market expectations of future interest rates to inform its policy decisions. Interest rate expectations can be inferred from a range of financial instruments, including interest rate options. This article surveys the structure and use of the over-the-counter (OTC) interest rate option market. It discusses what information OTC interest rate options may contain about market interest rate expectations, additional to that available from products traded on exchanges. It also considers the linkages between OTC interest rate option markets and the markets in the underlying assets. Research and analysis Research work published by the Bank is intended to contribute to debate, and (pages 183–221) does not necessarily reflect the views of the Bank or of MPC members. Explaining the difference between the growth of M4 deposits and M4 lending: implications of recent developments in public finances (by John Power and Peter Andrews of the Bank’s Monetary Assessment and Strategy Division). The growth of sterling lending by UK monetary financial institutions to the UK private sector has substantially exceeded the growth of UK private sector sterling deposits over the past two years. This article considers the possible influence on this growth differential of two events in the past financial year: the unexpected extent of the Government’s cash surplus; and the assumption by the Debt Management Office of responsibility for government cash management. The article also describes how the gap between sterling lending and deposits was financed over the past two years. Using surveys of investment intentions (by Jens Larsen of the Bank’s Monetary Assessment and Strategy Division and Rain Newton-Smith of the Bank’s Structural 143 Bank of England Quarterly Bulletin: Summer 2001 Economic Analysis Division). Business investment is an important component of aggregate demand in the UK economy. But it is volatile and difficult to predict. Surveys of investment intentions provide a timely and useful source of information on future investment plans, and can be used to forecast changes in business investment. This article describes a model that uses surveys of investment intentions to forecast business investment, and compares its forecast performance with the business investment equation in the Bank of England’s macroeconometric model. Can differences in industrial structure explain divergences in regional economic growth? (by Beverley Morris of the Bank’s Conjunctural Assessment and Projections Division). During the early to mid-1990s, the pace of economic growth in the South was broadly comparable with that in the rest of the United Kingdom. During 1996–98, however, the pace of activity in the South strengthened considerably relative to the rest of the country. This article investigates one possible explanation for divergences in growth between the two regions—namely differences in the relative importance of the manufacturing and service sectors. The results suggest that such differences in industrial structure do not account for the majority of the regional divergences in growth. Rather, it appears that they are explained mostly by a pick-up in population growth and stronger service sector activity in the South relative to that in the rest of the country over the period. Has there been a structural improvement in US productivity? (by Stuart Berry of the Bank’s International Economic Analysis Division and David England of the Bank’s Monetary Assessment and Strategy Division). Annual labour productivity growth in the United States has averaged 2.8% a year since 1996, compared with an average rate of 1.6% during the preceding 25 years. This marked increase in productivity growth has been a key component of what many commentators have suggested is a ‘new economy’. Given the US slowdown since the second half of 2000, a key question is the extent to which these gains reflect structural improvements, rather than cyclical factors. The evidence so far points towards a large role for structural improvements in productivity. If these gains prove to be more cyclical, however, this would have important implications for corporate performance, financial markets and, ultimately, output and inflation. The contents page, with links to the articles in PDF format, is available at www.bankofengland.co.uk/qb/m01qbcon.htm Authors of articles can be contacted at [email protected] The speeches contained in the Bulletin can be found at www.bankofengland.co.uk/speech/index.html 144 Markets and operations G This article reviews developments in international and domestic financial markets, drawing on information from the Bank of England’s market contacts, and describes the Bank’s market operations in the period 1 February to 11 May 2001. G Private sector forecasts for short-term growth prospects in the G7 countries were revised down during the period. World equity markets fell sharply until late March but recovered somewhat thereafter. G Official interest rates were reduced by 100 basis points in the United States, by 75 basis points in the United Kingdom, and by 25 basis points in the euro area. The Bank of Japan also eased its monetary policy during the period. G Short-term interest rate expectations fell in the United States, the United Kingdom and Japan, but were broadly unchanged in the euro area. Uncertainty about the short-term outlook for future changes in monetary policy increased in these areas. G US and European government bond yields beyond two years’ maturity rose as market participants became more confident that the reductions in official rates would limit the extent of the global slowdown. G The dollar appreciated against the other major currencies during the period.
Load more

Recommended publications
  • News Release
    Press Office Threadneedle Street London EC2R 8AH T 020 7601 4411 F 020 7601 5460 [email protected] www.bankofengland.co.uk 29 April 2004 Finance for Small Firms - An Eleventh Report The Bank of England today publishes its 11th annual report on Finance for Small Firms. The report reviews the availability of finance for small firms in 2003; how the Basel II Accord might affect access to finance for SMEs; competition in the SME banking market; and it includes a special article on developments in the financing environment for small firms in the last decade. This will be the last such report. In the foreword (copy attached) Nigel Jenkinson, Executive Director for Financial Stability, explains the Bank's decision. Mr Jenkinson says: "In recent years there has been a major expansion in government resources devoted to small firms. The Small Business Service was set up in 2000 as an executive agency of the DTI, to be a centre of excellence on the whole range of small business issues, including access to finance. The Bank has strongly supported the SBS, including seconding one of its senior staff to be the SBS' first Director of Investment and SME Finance from 2000 to 2003." He adds: "Given the substantial improvement in information flows over the past ten years and the growing importance of the SBS in addressing access to finance issues in the government's Action Plan for Small Business, there is no longer a need for the Bank to be involved in these issues. The principal objective of supporting an improvement in the financing relationship has been achieved, and stepping back from the work stream will avoid potential overlap and duplication with the work of the SBS..
    [Show full text]
  • Performance, Stakeholder Stability and the Survival of UK Executive Agencies Paper Presented to Public Management Research Confe
    Performance, Stakeholder Stability and the Survival of UK Executive Agencies 1 Paper presented to Public Management Research Conference, Maxwell School of Syracuse University, June 2 nd -4th 2011 Panel 34 International Perspectives on Government Performance Oliver James Department of Politics, University of Exeter (contact author [email protected] ) George A. Boyne Cardiff Business School, University of Cardiff Alice Moseley Department of Politics, University of Exeter Nicolai Petrovsky Martin School, University of Kentucky Abstract: We develop and empirically evaluate a performance management theory of the survival of public organisation as senior management structures. The theory suggests that organisational performance and stakeholder stability - defined as congruence between the stakeholders who set up and those who subsequently assess the organization - are both positively related to survival. We test the theory for semi- autonomous central government executive agencies in UK central government from 1988 to 2011. The key stakeholders for these bodies are executive politicians, who not only set performance targets each year but can also create and abolish them without the need for legislation. The preliminary findings from survival analysis incorporating a set of control variables suggests that, for the performance variables, only high performance is a predictor of lower risk to survival. However, the congruence of political control between the party initiating an agency and subsequently overseeing it substantially lowers the risk of termination. 1 This paper includes preliminary empirical results from ongoing research. Before quoting the empirical parts of this paper, please check with the contact author whether an updated version is available. Email: [email protected] .
    [Show full text]
  • Not So 'Arm's Length': Reinterpreting Agencies in UK Central Government
    Not so ‘arm’s length’: reinterpreting agencies in UK central government Thomas Elston, PhD Candidate, International Centre for Public and Social Policy, University of Nottingham, UK Email: [email protected] Paper presented to the panel, Executive Politics and Institutional Approaches, convened by the Executive Politics & Governance specialist group at the annual conference of the Political Studies Association (PSA) in Cardiff, March 2013 ***Comments welcome; please do not cite without permission*** Abstract As prominent expressions of new public management (NPM) and its recent attenuation, agencification and de-agencification have been subject to sustained empiricist investigation. However, interpretive analysis remains incipient. Accordingly, this paper explores the evolution of agencification within the UK by attending to its changing discursive construction. Drawing on a three-part analytic framework, which interprets meaning through the rhetoric of argumentation, narrative voice and discursive differentiation, the recent Public Bodies Reforms are shown to narrate a significant reinterpretation of the original executive agency idea of the Next Steps programme. In particular, the old emphasis on managerialist empowerment and decentralisation has given way to new themes of corporate integration and ministerial control. Thus, while no formal or legal redefinition has occurred, the UK’s ‘arm’s-length’ agency model has been discursively ‘departmentalised’. This highlights the potential limitations of using empiricist, ‘population
    [Show full text]
  • NILQ 62. FOREWORD.Qxd
    NILQ 63(4): 509–32 Modernising environmental regulation in Northern Ireland: a case study in devolved decision-making SharoN TurNer aNd CIara BreNNaN School of Law, Queen’s university Belfast * Introduction or over a decade, controversy about the quality of environmental regulation has cast a Fshadow over the effectiveness of environmental governance in Northern Ireland. Most fundamentally this debate has centred on a crisis of confidence about the quality of regulation and a consensus that effective reform depends on the externalisation of this responsibility from central government. Not surprisingly, the causes of weak regulation were rooted in the eclipsing impact of the Troubles and the fossilisation of government that occurred during the decades of Direct Rule.1 However, although the first steps towards meaningful reform were eventually taken under Direct Rule, the restoration of devolution and the stabilising power-sharing process has meant that the trajectory of regulatory reform has been largely shaped by a devolved administration. The purpose of this paper is to examine the nature and implications of that process. Pressure for regulatory reform is an issue that has confronted both configurations of Northern Ireland’s power-sharing Executive. Despite its brief and tumultuous lifespan, the first Ulster Unionist Party (UUP)/Social Democratic and Labour Party (SDLP)-led administration was immediately faced not only with the evidence of serious regulatory dysfunction but also the first stage of what became a concerted civil society campaign for independent regulation. The collapse of power-sharing did nothing to quell this pressure. Instead, when devolution was restored five years later the new Democratic Unionist/Sinn Fein-led administration was faced once again with pressure for regulatory reform.
    [Show full text]
  • Department for Education Mid-Year Report to Parliament Chris Wormald, Permanent Secretary
    Department for Education mid-year report to Parliament Chris Wormald, Permanent Secretary April to September 2013 Contents Executive Summary 3 Performance 4 Coalition Priority - Increase the number of high quality schools and introduce fair funding 4 Coalition Priority - Reform the school curriculum and qualifications 5 Coalition Priority - Reduce bureaucracy and improve accountability 6 Coalition Priority - Train and develop the professionals who work with children 6 Coalition Priority - Introduce new support for the Early Years 7 Coalition Priority - Improve support for children, young people and families, focusing on the most disadvantaged 7 Financial Performance 9 Management Commentary 10 Resource 10 Capital 11 Cash 11 Major Projects 12 People 13 Management Commentary 15 Annex A: Input and Impact Indicators 17 Tables Table 1: Year to date expenditure against Main Estimate Plan 9 Table 2: Workforce Information 13 2 Executive Summary The Department for Education (DfE) continues to make good progress against its six priorities set by the coalition. In addition to delivering against these priorities the department has continued to drive forward the wider reform agenda. Substantial progress has been achieved in support of the recommendations set out in the DfE Review which was published in November 2012. We continue to deliver improvements and efficiencies and are on track to secure at least a 50% reduction in our Administrative expenditure by 2015-16. The pace of change has been very rapid during the six months to September, particularly for staff within the department. The pace and scale of this change has influenced elements of our staff survey results. 3 Performance The six Department for Education coalition priorities are set out below with key achievements across the mid-year reporting period.
    [Show full text]
  • Public Bodies Handbook – Part 1. Classification of Public Bodies: Guidance for Departments
    Public Bodies Handbook – Part 1 Classification Of Public Bodies: Guidance For Departments Introduction 2 Introduction The Importance Of Classification About This Guidance Administrative classification will provide departments with the guidance and ability to create This ‘Classification of Public Bodies’ document is departmental guidance from the Cabinet arm’s length bodies that fulfil their governance objectives within a clear, consistent and Office. It sets out the different categories of the UK’s public bodies, and: comparable system. This system will lead to a simplified and more transparent public bodies’ landscape, promoting greater accountability. It will provide a clear and intelligible map of the provides a high level introduction to the early decision making process for establishing different landscape and aid public and internal understanding of relationships between public bodies types of public bodies; and government ministers. It will also promote efficiency and effectiveness, helping to drive strategic reform of the landscape and the development of best practice models. summarises and provides a first point of reference on the main characteristics of each of the ALBs that the Cabinet Office focusses on, as well as those of other forms of public bodies; and The Classification Framework provides information on the some of the now defunct or legacy forms of public bodies that The system of administrative classification comprises the ‘framework’, and the ‘process’ of still exist. applying that framework to public bodies. This is the part of the classification system that handles the application of the framework as public bodies are established, modified or closed. This document is to be read as an introduction and high-level guide for establishing public The framework is the supporting structure to administrative classification.
    [Show full text]
  • 191004 VCA Framework Agreement FINAL
    Vehicle Certification Agency Framework Agreement Moving Britain Ahead August 2016 The Department for Transport has actively considered the needs of blind and partially sighted people in accessing this document. The text will be made available in full on the Department’s website. The text may be freely downloaded and translated by individuals or organisations for conversion into other accessible formats. If you have other needs in this regard please contact the Department. Department for Transport Great Minster House 33 Horseferry Road London SW1P 4DR Telephone 0300 330 3000 Website www.gov.uk/dft General enquiries: https://forms.dft.gov.uk © Crown copyright 2020 Copyright in the typographical arrangement rests with the Crown. You may re-use this information (not including logos or third-party material) free of charge in any format or medium, under the terms of the Open Government Licence. To view this licence, visit http://www.nationalarchives.gov.uk/doc/open-government-licence/version/3/ or write to the Information Policy Team, The National Archives, Kew, London TW9 4DU, or e-mail: [email protected] Where we have identified any third-party copyright information you will need to obtain permission from the copyright holders concerned. Contents 1. Introduction 5 2. The Agency 6 Main Activities 6 Review 7 3. Governance and Accountability 9 Ministers and Parliament 9 Parliamentary business 9 The role of the Department 9 Submissions to Ministers 11 Chief Executive 11 4. The Agency Board 14 The Chair’s Personal Responsibilities 15 Non-Executive Directors 16 Board sub-groups 16 Board effectiveness 17 Board appointments 17 5.
    [Show full text]
  • Business Plan 2018 / 19 Contents
    Business Plan 2018 / 19 Contents NISRA at a glance Chief Executive’s Foreword 1 Context 2 Vision & Mission 3 Principles of Purpose 4 Balanced Scorecards 2018 / 19 5 NISRA (Statistics and Research) Balanced Scorecard 7 General Registrar’s Office Balanced Scorecard 9 Official Statistics 11 Financial Resources 14 Appendix 1: NISRA Branch Details 16 Appendix 2: NISRA DoF Targets 25 Appendix 3: Glossary 26 NISRA at a glance Headquarters Northern Ireland Statistics and Research Agency Colby House, Stranmillis Court, BELFAST, BT9 5RR. Status Executive Agency within the Department of Finance (DoF) Chief Executive & Registrar General Siobhan Carey Number of staff at 1 April 2018 484 staff in total of which 50 are (currently) temporary Structure 42 branches, across 22 Government Departments, Executive Agencies, Arms’ Length Bodies, and Local Councils Vision Trusted statistics and research for a better society Website www.nisra.gov.uk Email [email protected] NISRA BUSINESS PLAN 2018 / 19 Chief Executive’s Foreword This year is one of those years when we will look back and say it was a watershed moment. The context in which we operate is changing, there are new data sources becoming available and there are new tools and techniques that can be deployed. The Digital Economy Act (DEA) provides new gateways to share and link data for the production of statistics and the General Data Protection Regulation (GDPR) strengthens the requirements to be transparent about what we do with data and how we protect it. And there is increased demand for sound evidence. The draft Programme for Government has data front and centre.
    [Show full text]
  • VEHICLE CERTIFICATION AGENCY an Executive Agency of the Department for Transport
    VEHICLE CERTIFICATION AGENCY An executive agency of the Department for Transport Annual Report and Accounts 2007 - 2008 Presented to Parliament in pursuance of the Government Resources and Accounts Act 2000 Ordered by the House of Commons to be printed on 21 July 2008 VEHICLE CERTIFICATION AGENCY An executive agency of the Department for Transport Annual Report and Accounts 2007 - 2008 Presented to Parliament in pursuance of the Government Resources and Accounts Act 2000 Ordered by the House of Commons to be printed on 21 July 2008 HC931 London: The Stationery Office £14.35 THE VEHICLE CERTIFICATION AGENCY 20087 -200 © Crown Copyright 2008 The text in this document (excluding the Royal Arms and other departmental or agency logos) may be reproduced free of charge in any format or medium providing it is reproduced accurately and not used in a misleading context. The material must be acknowledged as Crown copyright and the title of the document specified. Where we have identified any third party copyright material you will need to obtain permission from the copyright holders concerned. For any other use of this material please write to Office of Public Sector Information, Information Policy Team, Kew, Richmond, Surrey TW9 4DU or e-mail: [email protected] CONTENTS Tackling E Page No by CHIEF EXECUTIVE’S FOREWORD 2 by INTRODUCTIONsup 3 STRATEGICby OUTCOMES 4-6 2007-2008 by TARGETS SET BY THE SECRETARY OF STATE 7-8 con MANAGEMENT COMMENTARY AND BUSINESS PERFORMANCE 9-21 by REMUNERATION REPORT 22-24 Dev CONTACTING VCA WORLDWIDE 25 ImprovedFINANCIAL V STATEMENTS i-xviii by rec set Our missio WWWVCAGOVUK THE VEHICLE CERTIFICATION AGENCY 2007-2008 1 Tackling E CHIEF EXECUTIVE’S FOREWORD by I am delightedby to report that In financial year 2007-08, VCA has continued in its upward direction,sup growing revenues a further 12.3% to £11.4 million over the prior year.
    [Show full text]
  • Research Impact on Policy
    Research impact on policy Overview UK, lays out the roles of legislatures, governments and judiciaries in the UK, and describes how they use The policy landscape is complex and made up of research. numerous and varied bodies and organisations on local, regional, national and supranational scales. Other kinds of public bodies and These bodies play different parts in the law- and policy- making processes. This briefing gives an overview of organisations that use research the different public bodies that use – or may use – This section presents non-ministerial government research, and through which research may have impact departments, agencies and other public bodies, on policy. regulatory bodies, local government, and international public bodies – all of which may draw on research. The briefing was written to support impact assessors participating in the 2021 Research Excellence Framework exercise (REF 2021). It gives a high- Research impact on policy level, introductory overview, illustrated with familiar This section briefly details how policy impact may examples. The briefing is not exhaustive, and should take place, before highlighting the diverse potential not be taken as a ‘complete picture’. There are beneficiaries of policy impact. It then outlines the numerous organisations, structures and mechanisms challenges of both evaluating and evidencing policy operating in the policy landscape that are not impact. mentioned here. Nor are all the diverse stakeholders who engage with the policy- and law-making processes and who may – one way or another – generate or Research impact on policy in REF 2021 enable research impact on policy. This section lays out research impact on policy as The briefing is divided into four sections: recognised in the REF 2021 guidelines.
    [Show full text]
  • Chapter 5 the Management and Rationalisation of Existing Regulations
    5. THE MANAGEMENT AND RATIONALISATION OF EXISITING REGULATION – 107 Chapter 5 The management and rationalisation of existing regulations This chapter covers two areas of regulatory policy. The first is simplification of regulations. The large stock of regulations and administrative formalities accumulated over time needs regular review and updating to weed out obsolete or inefficient material. Approaches vary from consolidation, codification, recasting, repeal, ad hoc reviews of the regulations covering specific sectors, and sunset mechanisms for the automatic review or cancellation of regulations past a certain date. The second area has gained considerable momentum over the last few years and concerns the reduction of administrative burdens. Government formalities are important tools to support public policies, and can help businesses by setting a level playing field for commercial activity. But they may also represent an administrative burden as well as an irritation factor for business and citizens, and one which tends to grow over time. Difficult areas include employment regulations, environmental standards, tax regulations, and planning regulations. Permits and licences can also be a major potential burden on businesses, especially SMEs. A lack of clear information about the sources of and extent of administrative burdens is the first issue for most countries. Burden measurement has been improved with the application by a growing number of countries of variants on the Standard Cost Model (SCM) analysis to information obligations imposed by laws, which also helps to sustain political momentum for regulatory reform by quantifying the burden. 1 A number of governments have started to consider the issue of administrative burdens inside government, with the aim of improving the quality and efficiency of internal regulation in order to reduce costs and free up resources for improved public service delivery.
    [Show full text]
  • Ministerial Departments CABINET OFFICE March 2021
    LIST OF MINISTERIAL RESPONSIBILITIES Including Executive Agencies and Non- Ministerial Departments CABINET OFFICE March 2021 LIST OF MINISTERIAL RESPONSIBILITIES INCLUDING EXECUTIVE AGENCIES AND NON-MINISTERIAL DEPARTMENTS CONTENTS Page Part I List of Cabinet Ministers 2-3 Part II Alphabetical List of Ministers 4-7 Part III Ministerial Departments and Responsibilities 8-70 Part IV Executive Agencies 71-82 Part V Non-Ministerial Departments 83-90 Part VI Government Whips in the House of Commons and House of Lords 91 Part VII Government Spokespersons in the House of Lords 92-93 Part VIII Index 94-96 Information contained in this document can also be found on Ministers’ pages on GOV.UK and: https://www.gov.uk/government/publications/government-ministers-and-responsibilities 1 I - LIST OF CABINET MINISTERS The Rt Hon Boris Johnson MP Prime Minister; First Lord of the Treasury; Minister for the Civil Service and Minister for the Union The Rt Hon Rishi Sunak MP Chancellor of the Exchequer The Rt Hon Dominic Raab MP Secretary of State for Foreign, Commonwealth and Development Affairs; First Secretary of State The Rt Hon Priti Patel MP Secretary of State for the Home Department The Rt Hon Michael Gove MP Minister for the Cabinet Office; Chancellor of the Duchy of Lancaster The Rt Hon Robert Buckland QC MP Lord Chancellor and Secretary of State for Justice The Rt Hon Ben Wallace MP Secretary of State for Defence The Rt Hon Matt Hancock MP Secretary of State for Health and Social Care The Rt Hon Alok Sharma MP COP26 President Designate The Rt Hon
    [Show full text]