Andrew Mitchell welcomes the Chancellor’s statement as both wise and necessary and seeks reassurance that the Treasury, the OBR and the independent Bank of England will work closely together and in total lockstep.
Mr Andrew Mitchell (Sutton Coldfield) (Con)
I congratulate my right hon. Friend on his statement, which is both wise and necessary. There will be great relief across the House that the markets have responded to the statement positively, not least thanks to his economic leadership and political skill. In the run-up to 31 October, will he reassure us and the markets that the Treasury, the OBR and the independent Bank of England will work closely together and in total lockstep?
The Chancellor of the Exchequer (Jeremy Hunt)
I absolutely want to give my right hon. Friend that reassurance and I thank him, as someone who has enormous experience of how the City works, for the advice that he gave me over the weekend. One of the best things about the economic structures that we have is the interaction between institutions that have independence and that are able to give independent advice and Treasury and the Government. It has helped to create stability and I hope that what I have said today will bolster that further.