HC Deb 22 July 1996 vol 282 c2W
Mr. Austin Mitchell

To ask the Chancellor of the Exchequer if he will introduce selective controls on credit to reduce the rate of inflation in house prices. [38019]

Mrs. Angela Knight

I have no intention of introducing selective credit controls for housing. The objective of monetary policy is to achieve underlying inflation in the lower half of the 1 to 4 per cent. range by the end of this Parliament and to keep it at 2½ per cent. or less thereafter. The growth in house prices is one of the many indicators I assess when determining what the appropriate level of interest rates is to achieve the inflation target.

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