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.
Statistics and Registration Service Bill
Proceeding contribution from
Lord Lea of Crondall
(Labour)
in the House of Lords on Wednesday, 2 May 2007.
It occurred during Debate on bills on Statistics and Registration Service Bill.
About this proceeding contribution
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691 c1116 Session
2006-07Chamber / Committee
House of Lords chamberSubjects
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2023-12-15 12:00:49 +0000
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