Bank of England: Interest Rate Policy Debate

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Department: HM Treasury

Bank of England: Interest Rate Policy

Lord Desai Excerpts
Wednesday 12th July 2023

(10 months, 1 week ago)

Lords Chamber
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Lord Desai Portrait Lord Desai (CB)
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My Lords, would the Minister not agree that, although independence of the Bank of England is all right, what we need is competence? The Bank of England was more competent when it was not independent than it is now when it is.

Baroness Penn Portrait Baroness Penn (Con)
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Much as noble Lords continue to ask me to comment on the conduct of monetary policy by the Bank of England, as I said, the Government do not comment on the conduct or effectiveness of monetary policy. We continue to support the MPC as it takes action, and we focus on making the tough decisions necessary to tackle inflation.