Preparing Britain's Economy for the Future

Part of Bill Presented – in the House of Commons at 1:12 pm on 18 June 2009.

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Photo of Alan Reid Alan Reid Shadow Minister (Northern Ireland), Shadow Minister (Scotland) 1:12, 18 June 2009

Looking to the longer term, is the Minister concerned that when the economy starts to pick up again, we might run the risk of inflation? One lesson from the past is that the Bank of England should be instructed to take house prices into account when setting interest rates. It has not done so in the past, and we have seen low interest rates in the good times leading to house price rises, while in the bad times we have seen interest rates too high. Will the Minister instruct the Bank of England to take house prices into account when setting interest rates in future?