Bank of England

HC Deb 22 July 1999 vol 335 c633W

24. Mr. McNulty

To ask the Chancellor of the Exchequer what representations he has received on his policy of independence for the Bank of England. [91121]

Ms Hewitt

Many groups have commented and made representations to the Government on the monetary policy framework, of which the great majority have welcomed the Chancellor's decision to grant the Bank of England more independence. Because we have given the Bank of England operational responsibility to set interest rates to pursue the Government's inflation target, the public can be confident that low inflation will be delivered in practice. Inflation is currently close to target and expected to remain so.