I look forward to new leadership at the Bank of England. The current leadership allowed their independence to be tarnished by one sided interventions in the referendum. They compounded the error by making absurdly pessimistic forecasts of house prices, output and unemployment for the short term after any Leave vote. In this they followed in the long unfortunate tradition of the Bank in always recommending and supporting EU policies that were damaging. The Bank’s worst error was recommending UK membership of the European Exchange Rate Mechanism in the 1980s which led to a slump and the long term defeat of the Conservative party which accepted the advice.

The new Governor should have to answer three basic questions about the task ahead:

1 Why is the Bank of England tightening money so markedly when all the other main Central Banks are loosening to stave off the world economic downturn?

2. What action should the Bank take to promote UK growth, given the bad slowdown now experienced?

3. When will the Bank think through the flattening of the Philips curve and the move from national to global capacity, issues which undermine the current basis of assessing interest rates?

I spoke about this yesterday in the Chamber. I did not have time to develop the issue of what the Bank should do to stimulate growth. Some say Central Banks have run out of options with rates so low and QE so large from past programmes. I do not agree. CBs have a huge range of instruments and options to boost activity.

They can cut rates, run Funding for lending programmes, operate LTROs, intervene in money markets, intervene in bond markets, use repo markets, issue new guidance, change banking ratios.

There are two basic ways of stimulating growth. One way is to expand the Central Bank’s balance sheet by QE or money market interventions. The other is to expand commercial banks balance sheets by reducing capital ratios, relaxing lending controls or by open market operations.

I am glad to read we will get Business rate cuts and cuts in NHS parking charges. These were both items I included in my Brexit bonus budget proposals and promised to support in the election.

The tiny duckling was born in to a London farm community of ducks and farm animals in 2016. Known as Leave, he did not seem to be like the other baby ducklings. They were all proudly Remain ducklings, as they delighted in telling him. They told him to be like them he had to change his name and agree with everything they said. He was too proud to do that, and did not see what all the fuss was about. His parents had told him his name was special and had been endorsed by millions of people.

The other ducklings  snorted and looked down their bills at him. They told him he could never survive on his own. They  made him feel very uncomfortable trying to live alongside them. They told him  they were superior, could swim faster and fly further. They doubted  his ability to find enough food, and took delight in hiding the food from him or eating it before he could get it. They explained that unless he became a proper Remain duck there was no chance of him having a happy life, and perhaps no chance of his surviving.

When he pushed back and told them being called Leave was just fine, and there was food he could find, and he could be happy on his own they all ganged up on him and tried to starve him out. The ducklings got support from their parents, who used their superior weight and muscle to beat Leave to the food, or to keep him out of the best parts of the pond.  The European geese were particular keen to make his life difficult.

Things got so bad for Leave that he decided to live up to his name and simply leave the farmyard and its pond and all those disagreeable ducklings behind him. After wandering a long way he stumbled in to a new home called Parliament, where some people , a cat and a hen held court. They put up with  him but when they found out he was called Leave they turned on him just like the ducks had done.

They told him Leave was bad. They told him it would mean he could not get access to enough food., They told him if he ever needed medicines the people helping him would not be able to afford them. They shoved him around, and worked out ways to make his life more miserable. Just like the ducks they said he had to change his name to Remain if he wanted peace and quiet. The cat who curled up in a big chair at one end of the Parliament room played with him mercilessly, shouting at him and telling him all the things he could not do. The hen said she was the opposition and planned to see him  off .

Lonely and downhearted, Leave picked up his dignity and moved on. He found a big empty lake and lived a lonely life there, until one day a large number of fine swans arrived. He was afraid they would set on him, so he kept in the reeds on the edge and hoped they would not see.

The swans came straight over to him and told him not to be afraid. He apologised for being an ugly Leave duckling as an act of self preservation. They told him to look at the mirror of the water, for he would then see he was  no ugly duckling but a magnificent swan. They told him they were all Leave swans. Leave meant being free. It meant the right to go anywhere you wished. It gave you access to all the best food . As swans are so much more powerful than Remain ducklings, there was no need to be afraid ever again.

So the ugly duckling looked at himself in the mirror, and looked again. Finally he pronounced “I am a swan. “

He soon discovered how much better  it was being a swan than a duck. He was respected and admired wherever he went. He was free to go as he chose, and accepted rules which only he could make. Gone was all the hassle of the farmyard and the intrusion of all that squawking of all those unhappy ducklings in Parliament.

The employment figures last month were good again showing many more full time jobs still being created. The ueconomy however has been slowed by the monetary and fiscal squeeze. Vacancies fell and wage growth reduced as the slowdown starts to reach the jobs market.

The Bank of England has cut itself off from the trends amongst all the main Central banks in the world, who are fighting slowdown and recession by loosening policy. They are cutting rates, pumping liquidity into markets or buying bonds to give things a boost.

The Bank of England instead announces all UK banks meet their stress tests and would survive a deep recession, yet it goes on to demand they increase their capital buffers. This means less lending, less promotion of growth, less support for new investment or for consumers to buy homes and cars.

It’s the opposite of what we need, more money taken out of productive use when our banks are fine anyway. The 1% lift in the countercyclical capital buffers may freeze as much money out of the economy as the budget proposals in the Manifesto might put in.

Higher sterling is also a monetary tightening. This economy needs some combination of fiscal and monetary stimulus to get back to a decent growth rate.

I love Christmas. I like the turkey and the pudding, the tinsel and the trees, the carols and the stories, the pleasure of giving and receiving. Best of all is the way many people feel they should  be kinder at Christmas, thinking more of others, reaching out to the lonely and trying to  bring argumentative families together.

Today there is a great need for the spirit of Christmas in our politics and in the social media exchanges. Things  became very heated in the recent election, with lies and nastiness the stock in trade of too much discourse. I always seek to see good in people, and to ignore the everyday petty jibes from those who disagree with me. If I push back , complain or seek a remedy  it shows just how far the  nastiness has gone.  Some of my supporters think me naïve in not running negative campaigns about named critics, and in not calling out every dirty trick  or lie. I would like to suggest that going forward more of us recognise that there are many valid points of view. Often the best way to make your case is to say what is good about it, not to seek to run down those who do not yet agree.

The opportunity  at Christmas could be  to get  on with family members we do not like, or to bury the quarrel with the neighbour. It is better to have more friends and fewer enemies.  That is the true spirit of Christmas. It is often possible to find ways of working with people that do not think they like you, by showing them what we have in common rather than playing up the disagreements. I want the greater happiness and prosperity of my constituents.  I understand the minorities who do not agree with my  points of view on some subjects and I will work to represent them to government when they have legitimate worries or complaints. I would just like them to understand  I wish them well and do what I do because I think it is in the best interests of our country and community.

I want to wish you all a very happy Christmas, as I seek your help in improving the tone of our democratic disagreements. I am looking forward to the joys of a traditional Christmas whilst I also think about how we can spread a bit more Christmas cheer to those in need.

It is welcome and necessary for the government to rule out any further delay to our exit from the EU. The EU agreed to a Free Trade Agreement in principle. It is quite possible to produce one in time. If the EU thinks we will delay again they have an incentive not to agree anything.

Will they, won’t they do a deal? The US side says there is a deal, it just needs to be written up fully. They suggest China will agree to buy more US food and goods, in return for the USA cancelling the threatened new tariffs this week and rolling back a little of the ones already imposed. China is not so sure.

The truth is since the tariff war began the arguments between China and the USA have broadened. There is the dispute about technology transfer and Intellectual property, the US Democrat led challenge to China on human rights, the issue of currency manipulation and the questions of state enterprises and unfair competition. None of these are easy to resolve, and all require trust and understanding that is difficult to conjure. The US needs to know how any new rules against IP theft or state subsidy would be enforced.

Mr Trump has highlighted the lack of symmetry or fairness in much of the world trading system. China is his main target, but he has also queried the higher tariffs on US cars in the EU than the other way round and has won a longstanding case in the WTO over subsidies to Airbus representing unfair competition to Boeing.

There are always some disputes going on around the world, but today tariffs and trade disagreements spring up in various places. There is the trade dispute between Korea and Japan with grievances going back to the last World War. There are trade frictions around Kashmir where they are related to the political tensions.

Freer trade is usually a good thing, but there are concealed within current so called free trade patterns injustices, subsidies and anti competitive practises. The present manufacturing downturn worldwide is often attributed to the so called trade war. In practice it is the widespread change of policy and attitudes towards diesels and partly to petrol vehicles that has done more to power the downturn than the imposition of new tariffs.

Today I am giving you the opportunity to send in your ideas of what legislation the government should propose for the new Parliament

We know there will be priority for Brexit legislation , and the government has decided to bind itself in law to increases in NHS spending.

I would like to see a Constitutional Reform Bill. This would repeal the Fixed Terms Parliament Act which did so much damage in the last Parliament. An Act designed to keep elections to one every five years has instead allowed three in four years. It could legislate to reduce the number of MPs by 50 as promised before. It should limit the Speakers powers by requiring a government moved Money Resolution and Queens consent to legislation.

I would like a simpler and lower taxes bill to incorporate the various tax measures I have proposed.

I want to see better protection for armed services personnel against legal challenge, once cleared by an enquiry.

I favour new legislation on the BBC to decriminalise the licence fee.

As soon as the Conservatives win a General election the pundits and the BBC are on telling us that government needs to adopt Labour’s economic policies of a  bigger state and more state intervention. If people thought that was the answer they could have voted for dollops of it given the Labour Manifesto.

What we need is intelligent government intervention where government can make a difference, and help or avoidance of harm for the competitive private sector who will generate many of the jobs and supply many of the goods and services. A Northern city may need better public investment in transport and education, but it also needs a surge of private sector led investment in the many new goods and services which power the modern economy.

To encourage a city outside London to perform more like London needs lower taxes and more freedoms to let people set up businesses and grow them We need more freeports and big enterprise zones. We need lower Income tax, fewer capital taxes and transactions taxes on business, and better education and training to create clusters of excellence and competitive energy.

Of course the Transport department needs a bigger capital budget.It also needs better management of projects and better choice of projects to get more value for money. The railway needs accelerated investment in digital signalling to increase the capacity of existing lines. It needs new short sections of by pass track to allow express trains to keep to timetable on mixed train lines. The road system needs better junctions, more roundabouts in place of traffic lights, and more segregation of cycles from vehicles for safety and easier cycling.

London stays richer with higher incomes thanks to the talent and entrepreneurial energies of so many people.You go to London to set up a business because you find the good people, the specialist suppliers and above all the customers. Northern cities can be helped to be similar magnets.

The first thing we need to spread growth and prosperity more widely around our country is a Central Bank in tune with current worldwide Central Bank thinking and concerned to promote growth.

From India to the USA, from Australia to Brazil, from Turkey to Mexico Central Banks have been cutting interest rates to stimulate more growth against a backdrop of world manufacturing recession.

In the last month the Fed has put $150bn into markets to facilitate more productive bank lending, whilst the ECB is now creating Euro20bn extra each month to boost money growth. The Bank of Japan remains on full throttle Quantitative easing.

The UK has the slowest rate of money growth in the advanced world thanks to the Bank of England’s do nothing policy. Time for the Bank to get with the mood of the country which wants more prosperity.