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Monetary Policy

Treasury written question – answered on 2nd November 2011.

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Photo of David Blunkett David Blunkett Labour, Sheffield, Brightside and Hillsborough

To ask the Chancellor of the Exchequer what assessment his Department has made about whether quantitative easing is a necessary condition for his Department's plans for credit easing.

Photo of Mark Hoban Mark Hoban The Financial Secretary to the Treasury

The purpose of quantitative easing (QE) is to provide the independent Monetary Policy Committee (MPC) with an additional policy tool to low interest rates, which can be used to support nominal demand in the economy in order to meet the inflation target in the medium term.

The Government are considering options on credit easing. Such interventions should complement the MPC's QE. The Chancellor of the Exchequer, Mr Osborne, will provide more details on credit easing at the Autumn Statement on 29 November.

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