§ Mr. Malcolm BruceTo ask the Chancellor of the Exchequer what measures he has put in place to achieve his policy of reducing the differential between yields on German and British long-term Government debt; what bench mark maturity and yield differential he is using for this target; and if he will make a statement. [65677]
16W
§ Ms Hewitt[holding answer 14 January 1999]: The Government introduced their new monetary policy framework, with Bank of England independence, to ensure that their commitment to price stability is delivered in practice. Maintaining low inflation will help reduce the differential between yields on German and British long-term debt. Since the Government came into office, the differential has fallen by 1.1 percentage points.