Monetary Policy Committee (Hansard, 10 December 1998)

HC Deb 10 December 1998 vol 322 c299W 299W

§ Dr. Lynne Jones
To ask the Chancellor of the Exchequer what assessment he has made of the effectiveness of the Monetary Policy Committee. [61767]

§ 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.