HC Deb 26 April 1990 vol 171 c479
30. Mr. Latham

To ask the Chancellor of the Exchequer whether he will make a statement on the level of interest rates.

Mr. Ryder

Bank rates are set at 15 per cent.

Mr. Latham

In view of the serious recession in the construction industry and the significant downturn in retail sales, will my hon. Friend confirm that nothing in the underlying features of the British economy would require a rise in interest rates?

Mr. Ryder

Interest rates will remain as high as is necessary for as long as is necessary to bear down on inflation. My right hon. Friend the Chancellor reserves the right if need be to raise interest rates, just as he reserves the right to get them down.