Monetary Policy Committee — Question

Part of the debate – in the House of Lords at 3:22 pm on 6th July 2011.

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Photo of Lord Sassoon Lord Sassoon The Commercial Secretary to the Treasury 3:22 pm, 6th July 2011

My Lords, the Bank of England Act 1998 states that the objectives of the Monetary Policy Committee of the Bank of England are to maintain price stability and, subject to that, to support the economic policy of the Government. The Chancellor reaffirmed in Budget 2011 that the MPC will continue to target 2 per cent inflation as defined by the 12-month increase in the consumer prices index.