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

I would always hesitate to hold up and criticise the characterisation of the Bank of England MPC's target by the noble Lord, Lord Myners. However, as I have made clear, it has one primary target-to maintain price stability, with the target that I have already confirmed-and it is doing a fine job in extremely difficult circumstances, when oil prices are 40 per cent higher than they were at the end of last year and agricultural prices are 60 per cent higher than a year ago. Against that background the MPC is doing a fine job in very difficult conditions.