§ Mr. Frank FieldTo ask the Chancellor of the Exchequer what advice and instructions the Treasury gave during the last six months to(a) members of the Bank of England Monetary Policy Committee and (b) their staff on the relevance of house prices to the setting of interest rates; and what advice he has given since his pre-Budget statement. [85222]
§ Ruth Kelly[holding answer 3 December 2002]: The Chancellor regularly meets with the Governor of the Bank of England to discuss a wide range of issues. The Treasury representative to the MPC and other Treasury officials also regularly discuss economic issues with counterparts in the Bank of England.
The MPC's remit is to meet the target of 2.5 per cent, for RPIX inflation, reconfirmed in the Budget.