He said: ‘Our aim will be to reassure markets that monetary decisions will not be taken for political reasons; and also to establish more clearly the independence of the Committee’s members.
‘Their appointments will be for longer. The committee will be made more accountable to Parliament. Committee appointments will be confirmed by Parliament. A Parliamentary Committee will have oversight of the MPC’s work.’Displaying a softer line on social policy he said the minimum wage was a ‘well-targeted device for the relief of poverty’.
However, worries remain that firms are paying too much to comply with minimum wage regulations.
‘We remain concerned at the compliance cost for business, and we will seek to improve its administration. We will keep a watch on future levels of the national minimum wage in case they do begin to impact on employment opportunities,’ he said.
Just one half of UK practices have implemented a pricing structure around auto enrolment implementation and advice - with many suffering increased costs
Deloitte's north-west Europe foray; BDO, Smith & Williamson investment paths; Shelley Stock Hutter; and Wilkins Kennedy discussed by editor Kevin Reed on our Friday Afternoon Live broadcast
Accountants should alter their perspective on auto-enrolment to maximise business opportunities, according to Eric Clapton.
Kevin Reed discusses whether new accountancy group Cogital can rival the Big Four...and its likely direction of travel