House of Lords
Lord Sassoon (Commercial Secretary, HM Treasury; Conservative)
HM Treasury's responsibility, in line with the Act, is to specify at least once every 12 months how price stability should be defined and what the economic policy of the Government comprises. With respect to the monetary policy tool of quantitative easing, the framework for the asset purchase facility requires the Chancellor to authorise the overall limit on asset purchases. The Chancellor also authorises the continued operation of the facility. The Government confirmed in Budget 2011 that the asset purchase facility will remain in place for the financial year 2011-12.