Interest Rates

Treasury written question – answered on 17th June 2022.

Alert me about debates like this

Photo of Jim Shannon Jim Shannon Shadow DUP Spokesperson (Human Rights), Shadow DUP Spokesperson (Health)

To ask the Chancellor of the Exchequer, if he will make an assessment of the potential effect on the economy of a raising of interest rates to 3 per cent.

Photo of John Glen John Glen Minister of State (Treasury) (City), The Economic Secretary to the Treasury

Monetary policy is the responsibility of the independent Monetary Policy Committee (MPC) of the Bank of England and this includes decisions on Bank Rate and the assets held in the Asset Purchase Facility (APF). The separation of fiscal and monetary policy is a key feature of the UK’s economic framework, and essential for the effective delivery of monetary policy, so the Government does not comment on the conduct or effectiveness of monetary policy, including the effect of a change in Bank Rate.

The Government continually monitors a range of economic indicators and developments to consider the impact of these on businesses and households.

Does this answer the above question?

Yes0 people think so

No0 people think not

Would you like to ask a question like this yourself? Use our Freedom of Information site.