§ Dr. Lynne Jones
To ask the Chancellor of the Exchequer what assessment he has made of the effectiveness of the Monetary Policy Committee. 
§ Ms Hewitt
The task of the Monetary Policy Committee is to set short-term interest rates to meet the Government's inflation target. The success of the new monetary framework is demonstrated by the fact that inflation is at its target, long-term interest rates are currently at their lowest level for over 35 years and inflation expectations have fallen.