HC Deb 30 April 2001 vol 367 c515W
Mr. Ian Stewart

To ask the Chancellor of the Exchequer if he will make a statement about his macroeconomic policy in the face of global instability. [160112]

Mr. Gordon Brown

As a result of the actions taken by this Government to reform the macroeconomic policy framework, British economic policy is much better placed in the face of global instability than it has been in the past. Inflation is low and stable, the public finances are sound and the Government are on track to meet their firm fiscal rules. Copies of my statement of 29 April to the International Monetary and Financial Committee have been placed in the Libraries of both Houses.

In accordance with section 12 of the Bank of England Act 1998, I have written to the Governor restating the Monetary Policy Committee's remit which confirms, as stated in my Budget statement, that the inflation target remains 2.5 per cent. for the 12-month increase in the retail price index excluding mortgage interest rates (RPIX).

My letter to the Governor has been laid before Parliament and a copy has been sent to the Chairman of the Treasury Committee. Copies have also been deposited in the Libraries of both Houses.