§ Mr. BarronTo ask the Chancellor of the Exchequer what policy objectives, besides the control of inflation, influence the determination of United Kingdom interest rates.
§ Mr. LilleyAs the Chancellor made clear in his Budget speech, short-term interest rates remain the essential instrument of monetary policy, and, within a continuous and comprehensive assessment of monetary conditions, they are set at the level necessary to ensure downward pressure on inflation in the framework of the MTFS.