Chancellor Hunt creates economic council but insists new body will ‘not conflict’ with Bank of England
The Chancellor has announced the formation of a new economic advisory council to provide “more independent expert advice” to the Government.
Jeremy Hunt told the Commons he “fully” supports the “vital, independent” roles of the Bank of England and the Office for Budget Responsibility.
However, he added: “But I also want more independent expert advice as I start my journey as Chancellor. So, I’m announcing today the formation of a new economic advisory council to do just that.
“This council will advise the Government on economic policy with four names announced today. Rupert Harrison, former chief of staff to the chancellor of the Exchequer, Gertjan Vlieghe from Element Capital, Sushil Wadhwani of Wadhwani Asset Management and Karen Ward of JP Morgan.”
Senior Conservative MP Mel Stride said the Chancellor appeared to have steadied the markets “in the very short-term at least”.
Stride, who chairs the Commons Treasury Committee, told the Commons: “I welcome my right honourable friend’s statement, it was both frank and bold. And it appears, in the very short term at least, to have steadied the markets.”
He referenced the Chancellor’s “renewed commitment to our financial institutions”, and asked: “Could he reassure the House that in no way the economic advisory council will in any way conflict with the Bank of England, or the Office for Budget Responsibility… and all of our institutions, and that it will be there to complement, not work against any of those institutions?”
Hunt said: “I can absolutely give him that assurance. I want, to be frank, to make sure that I’m getting advice from fantastic institutions, like the Treasury, the Bank of England, and the Office for Budget Responsibility, but also advice that is independent of those institutions, because that is the way we will get the best result.”