HC Deb 05 November 1998 vol 318 cc686-7W
32. Mr. Fraser

To ask the Chancellor of the Exchequer if he will instruct the Bank of England Monetary Policy Committee to meet more frequently to determine UK interest rate policy; and if he will make a statement. [56892]

Ms Hewitt

The Bank of England Act 1998 states that the Monetary Policy Committee should meet at least once a month. The Act also states that the Governor of the Bank may summon a meeting at any time on giving such notice as in his judgment the circumstances may require.

36. Mr. Ian Bruce

To ask the Chancellor of the Exchequer what assessment he has made of the factors that underlie the level of interest rates in(a) the United Kingdom and (b) Germany. [56896]

Ms Hewitt

Interest rates in the UK are set by the Bank of England to deliver the Government's inflation target of 2½ per cent. RPIX inflation. The Bundesbank sets interest rates in Germany in pursuit of price stability.