Interest Rates (Hansard, 17 June 1999)

HC Deb 17 June 1999 vol 333 c223W 223W

§ Dr. Harris
To ask the Chancellor of the Exchequer what representations he has received on the introduction of a statutory maximum interest rate. [86526]

§ Ms Hewitt
The Government gave the Bank of England operational independence to set interest rates to ensure the Government's commitment to low inflation is delivered in practice. Setting a maximum interest rate would limit the Bank of England's ability to meet the Government's inflation target.