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Lord Triesman: My Lords, most of our efforts consist of trying to work bilaterally with governments where we believe that there is a problem. On the wider international stage, along with our EU partners, we co-sponsored at the UN in November of last year a resolution on the elimination of all forms of intolerance and discrimination based on religion or belief. It was adopted without a vote. I shall not quote extensively from that document, but it shows precisely the values that I know are dear to the heart of this House.
Lord Taylor of Blackburn: My Lords, does my noble friend agree that we are privileged to be members of the Commonwealth? The Minister named various countries, and quite a number are members of the Commonwealth. Surely we should be using that organisation to this effect?
Lord Triesman: My Lords, that is quite right, and indeed we do. Discussions in the run-up to the Commonwealth Heads of Government Meeting in Malta in the latter part of last year showed conclusively that Don McKinnon, the Secretary-General of the Commonwealth, and those working most closely with him are attentive to these issues. The Commonwealth is a source of influence, and one which we must certainly pursue.
The Lord Bishop of Exeter: My Lords, is the Minister aware that the government of Qatar has recently donated land to enable the first Christian Church centre to be built in that area since the seventh century? Will he join me in congratulating those who are involved in such ventures, and comment on government policy on recognising, welcoming and supporting such initiatives in sensitive areas of the world?
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Lord Triesman: My Lords, I completely agree with the right reverend Prelate. Our links with Qatar have indicated just how warmly we welcome that development. Generally speaking, aside from saying to people on occasions—as we must—that we find legislation and practices unacceptable in the light of our demand for religious tolerance, we must also be fulsome and open when people are acting in a way which we would welcome.
Baroness Sharples: My Lords, the noble Lord said in response to the noble Lord, Lord Anderson of Swansea, that the panel has not met because of the UK holding the EU presidency, which was only six months. However, the panel has not met for two years.
Lord Triesman: My Lords, I did say that. I said that that was our priority over the recent period. That is the case. It is and has been our priority, but we have stayed in very close contact with the 60 groups that comprise that body. There is a good argument to say that it would have been better had it met earlier. I intend to ensure that it meets as fast as it can.
Lord Hylton: My Lords, does the Minister agree that there are wide variations within the Muslim world as to whether minority religions can establish new places of worship? Will the Government continue to press for more openness where there are current bans or restrictions?
Lord Triesman: My Lords, we will continue to press for precisely those outcomes. We are prepared to argue that whether it is hostility to Christianity, Islamophobia or anti-Semitism makes no difference. It is a universal right that people should be able to pursue their religion with dignity and freedom, and we will argue that whatever the circumstances, whatever the faith, whatever the country.
Lord Howell of Guildford: My Lords, will the Minister pay particular attention to the intervention of the noble Lord, Lord Taylor of Blackburn, about the Commonwealth? It is a 54-nation grouping stretching across continents and many faiths. There are 500 million Muslims within the Commonwealth, which is potentially a good instrument for promoting religious tolerance. Will he put it rather higher up the list in the catalogue of Foreign Office priorities to build on the Commonwealth membership as a valuable asset in promoting tolerance, stability and peace in the world?
Lord Triesman: My Lords, I agree with that. I do not know whether we could put it higher up, because it has not dropped down the list to any extent. The work that we have done with the Secretary-General of the Commonwealth and its institutions has been precisely to the ends that the noble Lord has illustrated. The Commonwealth is an extraordinary club. It probably could not be invented in the modern world. It is a great historical accident that we have it, but we must make the fullest use of its virtues.
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Bank of England Act 1998
2.50 pm
Lord Barnett asked Her Majesty's Government:
Lord McKenzie of Luton: My Lords, among other matters, the Bank of England Act 1998 provides the bank with the power to set interest rates, which, as I said to this House on 8 November, has been spectacularly successful in helping to guide the UK economy. The Government are content with the Act and, for that reason, have no intention to amend it.
Lord Barnett: My Lords, I thank my noble friend for that reply. Nobody could disagree with the fact that the Monetary Policy Committee has usually been successful in meeting the target for inflation. On the other hand, I am sure he is aware that under Section 11 of the Act, which contains the three small words "subject to that"—that is, getting the inflation rate right—it is supposed to take account of the Government's economic policy. It seems to have totally disregarded that section of the Act. If the Minister is not prepared to do anything about the Act, will he at least emphasise, publicly, that it is the intention of the Government that the Monetary Policy Committee should abide by that aspect of the Act too? There will be a meeting of the Monetary Policy Committee tomorrow. I am sure that it will be waiting urgently to hear what my noble friend has to say about interest rates after tomorrow's debate.
Lord McKenzie of Luton: My Lords, it is not for the Government to opine on what interest rate levels should be. The purpose of the independence of the Bank of England is that the Monetary Policy Committee should set them. The noble Lord was right to say that the remit of the policy committee is to deliver price stability, but without prejudice to that objective, to support the Government's economic policy, including their objectives for growth and employment. The committee has done that. That is manifested in the fact that our economy has continued to grow. There have been 34 successive quarters of growth under this Labour Government and employment is at its highest level ever.
Lord Lawson of Blaby: My Lords, I congratulate the Minister on his robust rejection of the siren appeal of the noble Lord, Lord Barnett. Is he aware—I am sure that he is—that any attempt to set other objectives for the Bank of England and to attach more importance to them would water down, in the eyes of the financial markets, the commitment to maintaining price stability, thereby making its task considerably more difficult?
Lord McKenzie of Luton: My Lords, I agree with the thrust of that question. Price stability is a precondition for high and stable levels of growth and employment,
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which in turn will help to create the conditions for price stability on a sustainable basis. That is the pre-eminent requirement of the Monetary Policy Committee and it has been delivered. It would be wrong to undermine that credibility, which has been hard won. It is important that we do not do that.
Lord Razzall: My Lords, notwithstanding the late conversion of the noble Lord, Lord Lawson, to the independence of the Bank of England, does the Minister accept that whether central banks should be concerned solely with price stability and inflation or whether they should also take into account other economic considerations is a real issue. Does he also accept that the Bank of England, since 1997, has probably been a beacon of achievement here when compared with the European Central Bank?
Lord McKenzie of Luton: My Lords, I certainly agree with that latter point. That has been acknowledged by the OECD and others. However, I stress that the Monetary Policy Committee and the Bank of England have to take into account a number of factors, but price stability is the key. In that regard, the remit of the Bank of England is not dissimilar to that of the European Central Bank.
Lord Forsyth of Drumlean: My Lords, will the Minister take this opportunity to offer some comment on reports which have appeared today suggesting that the Bank of England is so concerned about the reliability of government statistics that it is now setting up its own unit to obtain material on which it can rely?
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