News in Brief
The boom on the High Street shows no sign of slowing: official
figures put the growth in retail sales 5.4% higher in the year to June, the same as the annual figure for May. The City had expected a fall in the growth rate to 4.4%. Economists are likely to interpret the new figure as further ammunition for those who think interest rates need to be tightened to 7% to slow down an inflationary boom in the economy.
The President of the Board of Trade, Margaret Beckett, is announcing a new
initiative to bring together ministers and business to work on boosting British industry. The setting up of an advisory committee on competitiveness is a further step by the Government in its policy of bringing top business people into government. Mrs Beckett is keen that the committee reflect the whole range of businesses, from small to large companies, and includes women and people from the ethnic minorities.
The Chancellor has announced plans to strengthen the role of the Commons Treasury Select Committee in probing the performance of the Bank of England. Gordon Brown said the move was part of his drive for more "openness and accountability" over monetary policy. The Committee will be able to interview the Bank's Governor, Eddie George, as often as it sees fit. The House of Commons is also to be given the chance to debate the Bank's annual report.
Members of the UK's biggest building society, Nationwide, have voted overwhelmingly to stay mutual. Five rebels -- dubbed carpetbaggers -- were standing for election to the board and would, if elected, have floated Nationwide for widfall gains similar to those enjoyed recently by members of the Halifax. A total of 1.35m of the society's 3.5m members voted, with a 70 percent majority in favour of retaining mutuality. At Question Time in the Commons the Prime Minister welcomed the decision of to remain mutual, saying: "I was delighted to see the result and I think the right decision was made."
The husband of Hollywood actress Jamie Lee Curtis has called for the House of Lords to be reformed, moments after taking his seat in the Upper House. Christopher Guest inherited the title of fifth Baron Haden-Guest when his father died last year. He swore his oath of allegiance on Monday watched by his wife, who is now Baroness Haden-Guest. Afterwards, Lord Haden-Guest, an actor and scriptwriter, told The Daily Telegraph: "Some sort of reform is in the best interests of the Government." Baron Hadden-Guest will sit on the cross-benches.
The Anglican Bishop of Liverpool wants a change in the law to allow the bishop's bench in the House of Lords to be opened up to other faiths. In his last speech before retirement the Rt Rev David Sheppard said he had campaigned on the issue since his maiden speech in the House 17 years ago. The Bishop told the House: "I am saddened that, with all the other progress we have made in the churches, that has not come about."
