HC Deb 17 June 1999 vol 333 c223W
Dr. Harris

To ask the Chancellor of the Exchequer what representations he has received on the introduction of a statutory maximum interest rate. [86526]

Ms Hewitt

The Government gave the Bank of England operational independence to set interest rates to ensure the Government's commitment to low inflation is delivered in practice. Setting a maximum interest rate would limit the Bank of England's ability to meet the Government's inflation target.