§ Mr. ClappisonTo ask the Chancellor of the Exchequer what plans he has to introduce changes to the measure of inflation used by the Bank of England to achieve the Government's target of a 2.5 per cent. rate of inflation; and if he will make a statement. [4986]
§ Ruth KellyThe Government's target measure of inflation is the retail prices index, excluding mortgage interest payments (or RPIX) target rate of 2.5 per cent. was reaffirmed by the Chancellor in the March 2001 Budget.
§ Mr. ClappisonTo ask the Chancellor of the Exchequer if he will make a statement on the use of the harmonised index of consumer prices as a measure of inflation in the United Kingdom. [4984]
§ Ruth KellyThe harmonised index of consumer prices, or HICP, is designed for the purposes of comparing inflation rates between the UK and other EU countries.
§ Mr. ClappisonTo ask the Chancellor of the Exchequer what recent consultations he has had with the Governor of the Bank of England with regard to the harmonised index of consumer prices. [4985]
§ Ruth KellyThe Chancellor and the Governor of the Bank of England meet regularly to discuss a wide range of economic issues, including inflation indicators.
§ Mr. ClappisonTo ask the Chancellor of the Exchequer what recent consultations his officials have had with officials of the Bank of England with regard to the use of the Harmonised Index of Consumer Prices as a measure of inflation. [4987]
§ Ruth KellyOfficials of HM Treasury meet with their counterparts at the Bank of England to discuss various economic issues as and when the need arises.