Contingencies Fund Bill

The hon. Gentleman has a point and he is right to take me up on that. I think that there is an improvement, but I do not think we have debated this in the context of QE and the monetary side of the policy response. I think we need to do that, because we need to unpick some deep issues here and I do not think this House has understood that. Although I am a big fan of the independent Bank of England, and I do not think we should interfere with the setting of interest rates, I do think QE raises some political questions which are not technical and require accountability.