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Interest Rate Rise

Volume 590: debated on Thursday 18 June 1998

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asked Her Majesty's Government:Whether they approve of the increase in interest rates imposed by the Bank of England on 4 June. [HL2163]

The Bank of England raised interest rates by a¼ percentage point on 4 June. The Chancellor said in his Mansion House speech on 11 June that he does not comment on the month-to-month decisions of the Monetary Policy Committee. The Government are satisfied that the new arrangements for monetary policy will deliver long-term price stability, and prevent a return to the cycle of boom and bust.