§ 38. Mr. Borrow
To ask the Chancellor of the Exchequer what assessment he has made of the impact of the new monetary policy framework he introduced in May 1997. 
§ Mr. Andrew Smith
As set out in the Pre-Budget Report, and in a Treasury paper, "The New Monetary Policy Framework", the Government believe that the new monetary policy framework has had several beneficial effects on the UK economy. Since its introduction, inflation has been low, stable and close to target, with survey and financial market data suggesting that price stability is expected to be maintained. This has300W contributed to overall economic stability, steady growth, and rising employment.