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Finance: Interest Rates

House of Lords written question – answered on 12th May 2011.

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Photo of Lord Myners Lord Myners Labour

To ask Her Majesty's Government, further to the Answer by Baroness Wilcox on 3 May (WA332), how exactly they are "looking at every possible way to stop interest rates from spiralling out of control".

To ask Her Majesty's Government, further to the Answer by Baroness Wilcox on 3 May (Official Report, WA332), how the interests of savers and retired people are protected by the Government "looking at every possible way to stop interest rates rising".

Photo of Baroness Wilcox Baroness Wilcox The Parliamentary Under-Secretary of State for Business, Innovation and Skills

The Government are having to take some very difficult decisions on public spending to tackle the fiscal deficit. Confronting the deficit prevents erosion in the confidence that the UK will continue to be able to service its debt obligations leading to higher interest rates on our public borrowing. Spiralling interest rates ultimately benefit no one due to the wider impacts on the economy.

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