Asked if it was recognised that the Treasury and the Chancellor were looking to gain more control of the way crises were dealt with and that there should be a clear chain of command rather than a battle of command between the Treasury, the Financial Services Authority (FSA) and the Bank of England, the PMS said, as the Chancellor had done, that we would not come forward with any proposals in this area until the Treasury Select Committee, which was also looking at the matter, had completed its investigation, (expected in the New Year). The Chancellor was also appearing before the Treasury Select Committee in the New Year.
Asked if it was the case that the Prime Minister was determined that the tripartite structure that he put in place would not change, the PMS said that the Chancellor had already said that we were looking at the operation of the tripartite system, as were the Treasury Select Committee, and that, as the Chancellor had also said, he intended to wait for the Treasury Select Committee to report first; he would not bring forward any of his proposals until we had heard what the Treasury Select Committee had to say on the matter.
Put that in that case there was a distinction between the operation of the structure and looking at the structure, the PMS referred journalists to what the Chancellor had previously said that there was no question of any distinction between the Prime Minister and the Chancellor on this; they were on exactly the same page.
Asked if we were on the same page as the Bank of England, the PMS said that the Treasury and the Bank of England were working extremely closely together on this and all other relevant matters, as you would expect.
Briefing took place at 11:00 | Search for related news
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