Bank of England Monetary Policy Committee: Confirmation Hearings: Mr Christopher Allsopp was examined.

Bank of England Monetary Policy Committee: Confirmation Hearings: Professor Stephen Nickell was examined.

[Adjourned till tomorrow at half-past Ten o'clock.

Draft Report (The Monetary Policy Committee of the Bank of England: Confirmation Hearings), proposed by the Chairman, brought up and read.

Ordered, That the Chairman's Draft Report be read a second time, paragraph by paragraph.

Paragraphs 1 to 4 read and agreed to.

Paragraph 5 read, as follows:

"We took evidence from Mr Allsopp and Professor Nickell on 22 May; this evidence will be published shortly, together with their answers to the questionnaires and the CVs submitted. We are satisfied that both candidates fulfil our two criteria for appointment. We would like to thank them for their readiness to take part in our hearings."

Amendment proposed, in line 3, to leave out from the word "that" to the end of the paragraph and add the words "Professor Nickell fulfils our two criteria for appointment. In the case of Mr Allsopp, however, we were disappointed in his answers to our questions, and believe that this casts doubt on whether he possesses the skills required to take part in meetings of the Monetary Policy Committee. We therefore call on the Chancellor of the Exchequer to think again about Mr Allsopp's appointment."—(Mr James Plaskitt.)

Question put, That the Amendment be made.

The Committee divided.

Paragraph, as amended, agreed to.

Paragraph 6 read and agreed to.

Resolved, That the Report, as amended, be the Seventh Report of the Committee to the House.

Ordered, That the Chairman do make the Report to the House.

[Adjourned till Tuesday 13 June at half-past Ten o'clock.