The Economy

Part of Council Tax Rebate – in the House of Commons at 3:49 pm on 31st March 2009.

Alert me about debates like this

Photo of Alistair Darling Alistair Darling The Chancellor of the Exchequer 3:49 pm, 31st March 2009

No—I am making progress.

In addition, we have given the Bank of England power to put more money into the economy, to ensure that we do not get deflationary pressures and that we do all we can to keep the economy going.

The Bank of England, in addition to buying Government gilts, will buy commercial paper and commercial bonds. As a result of its intervention, the 10-year gilt yields have fallen by about 0.5 per cent. since the announcement. We are doing the same as the United States, Switzerland, and Japan; other central banks will no doubt follow. The point is that in the face of unprecedented conditions, we are prepared to act—to provide substantial help for families and businesses, prevent the collapse of banks, protect people's savings in UK institutions, kick-start credit, and build a sustainable recovery. We are ready to seize the opportunities ahead. That is the difference—

Embed this video

Copy and paste this code on your website