Interest Rates

House of Lords written question – answered on 28th July 2014.

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Photo of Lord Barnett Lord Barnett Labour

To ask Her Majesty’s Government, further to the Written Answer by Lord Deighton on 7 July (WA 12), what representations the Chancellor of the Exchequer made to the Governor of the Bank of England during their most recent discussion on possible increases in interest rates.

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

The UK’s monetary policy framework, set out in the Bank of England Act 1998, gives operational responsibility for monetary policy to the independent Monetary Policy Committee (MPC). The Chancellor of the Exchequer has frequent discussions with the Governor of the Bank of England on a wide range of issues on the UK economy.

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