§ Mr. St.AubynTo ask the Chancellor of the Exchequer what estimate the Treasury has made of the consequences for interest rates and the value of sterling of a rise in NHS expenditure over five years to the EU average, funded by additional taxation. [110829]
§ Mr. Andrew SmithIt is the task of the Bank of England's Monetary Policy Committee to set interest rates to ensure the Government's inflation target is met. Price stability will also help to promote exchange rate stability, consistent with the Government's objective of a stable and competitive pound over the medium term. Decisions on future NHS expenditure will be taken in the Spending Review.