UK Parliament / Open data

Statistics and Registration Service Bill

I do not know how far my noble friend will have been briefed on the whole history of the RPI, but I was a member of the Retail Prices Index Advisory Committee for many years. There were frequent changes as new products came on the market—there were changes certainly every few meetings—and I do not recall the Treasury vetoing any of them. But what did happen—it was a memorable moment—was that when the RPI Advisory Committee had a debate about housing costs, we made a decision that mortgage interest rates should be retained within the RPI. The Treasury did not so much reject the advice—it was not in a position to do so—but decided to go in the direction of RPI minus X and sell that to the City of London. Will my noble friend take account of that variation on the theme? The down side is that it has led to a proliferation of indices. When we take the international dimension into account, there are now three indices when one counts RPI minus X, and the CPI, which is used internationally. I am a bit doubtful about whether the position is as simple as the Bill or the amendment imply.

About this proceeding contribution

Reference

691 c1116 

Session

2006-07

Chamber / Committee

House of Lords chamber
Back to top