§ Baroness Miller of Hendon
asked Her Majesty's Government:
For which factors affecting inflation they accept responsibility.
§ Lord Simon of Highbury
Inflation is affected by a range of factors. It is the responsibility of the Bank of England to take these factors into account when setting interest rates to meet the Government's inflation target. A full explanation of the Government's approach to monetary policy was set out in the Chancellor's Mansion House speech.