§ Miss McIntoshTo ask the Secretary of State for Trade and Industry what assessment he has made of the impact of interest rates on the competitiveness of small and medium-sized enterprises in the UK. [54856]
§ Mr. MandelsonThe Government have established a new framework for monetary policy, with the Bank of England setting interest rates to meet the Government's inflation target, so ensuring that decisions are taken on the basis of the long-term needs of the economy, not short-term political considerations. By delivering low and stable inflation, and avoiding a return to the damaging cycle of boom and bust, this new framework for monetary policy will produce a more stable economic environment which in turn will enhance the competitiveness of small and medium-sized enterprises.