Minimum Lending Rate

HC Deb 24 January 1980 vol 977 c361W

21. Mr. Straw

asked the Chancellor of the Exchequer what is his policy on the minimum lending rate.

Sir Geoffrey Howe

The current high level of interest rates is necessary to maintain firm control over monetary growth. Lower interest rates will be possible as our policies reduce both the scale of public sector borrowing and the rate of inflation.