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Taxation: Interest Rates

House of Lords written question – answered on 21st December 2010.

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Photo of Lord Stoddart of Swindon Lord Stoddart of Swindon Independent Labour

To ask Her Majesty's Government whether, in light of rising inflation, they will make representations to the Bank of England to increase interest rates.

To ask Her Majesty's Government whether, in light of rising inflation, they will make representations to banks operating within the United Kingdom to increase interest rates offered on savings accounts.

Photo of Lord Sassoon Lord Sassoon The Commercial Secretary to the Treasury

The responsibility for decisions on bank rate lies with the Monetary Policy Committee (MPC) of the Bank of England. The MPC's independence is critical for maintaining credibility in the UK's monetary policy framework. The interest rates offered on savings accounts are a commercial decision for providers and, as such, vary.

The Consumer Financial Education Body publishes impartial comparative tables of savings accounts and the interest rates offered as part of its Moneymadeclear initiative. These tables can be found at http://www. moneymadeclear.org.uk/ or by calling the Moneymade clear helpline on 0300 500 5000.

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