Interest Rates (Hansard, 30 July 1998)

HC Deb 30 July 1998 vol 317 c416W 416W

§ Mr. Loughton
To ask the Chancellor of the Exchequer under what circumstances he would consider taking control over interest rates from the Bank of England. [53435]

§ Ms Hewitt
The Bank of England Act 1998 has given the Bank of England operational responsibility to set interest rates to meet the Government's inflation target. The Treasury's reserve powers are set out in Chapter 11, part II, section 19 of that Act.