Bank of England: Inflation Target
Lord Davies of Oldham (Deputy Chief Whip (House of Lords), HM Household; Labour)
My Lords, that is certainly the case. If the Bank of England had different objectives, it would have a different strategy for interest rates. The Bank's primary objective relates to inflation but I reiterate that its objective is also to pursue a strategy that increases economic growth and helps the economy. It is obviously working in difficult parameters at the present time, but that does not alter the fact that we should have confidence that the strategy that it is pursuing is accurate.