Skip to main content

Monetary Policy Committee

Volume 300: debated on Wednesday 12 November 1997

The text on this page has been created from Hansard archive content, it may contain typographical errors.

To ask the Chancellor of the Exchequer what assessment of Scotland's current economic conditions was taken into account by the Bank of England's Monetary Policy Committee in reaching its recent decision to raise interest rates. [15519]

In reaching its decision to raise interest rates on 6 November, the Bank of England's Monetary Policy Committee (MPC) was able to draw on the information gained from business surveys and from the Bank's network of 12 regional agents which cover the whole of the United Kingdom. The Bank has an agency in Glasgow, which is able to obtain a first-hand account of economic conditions in Scotland. Detailed reasons for the interest rate change will be made clear in the MPC minutes, which will be published on 10 December.