§ Mr. Malcolm BruceTo ask the Chancellor of the Exchequer if the Government's target rate of inflation will be defined in terms only of the RPIX measure for the next three years; and if he will make a statement. [59423]
§ Ms HewittThe Bank of England Act 1998 requires the Treasury to specify what price stability is to be taken to consist of at least once in every period of 12 months. In his last Budget the Chancellor confirmed the Government's inflation target is 2½ per cent. defined by the 12-month increase in the RPI excluding mortgage interest payments (RPIX).