Oral Answers to Questions

Philip Hollobone Excerpts

Tuesday 25th October 2016 Commons Chamber

[Mr Philip Hollobone (Kettering) (Con)]

May I press the case for the continued electrification of the midland main line and that there be no further delays to this excellent project?

[Simon Kirby]

Yes, he can.

--- Later in debate ---

[Mr Philip Hollobone (Kettering) (Con)]

T6. Under what circumstances would my right hon. Friend the Chancellor authorise another round of quantitative easing if requested by the Governor of the Bank of England?

[Mr Hammond]

I am grateful to my hon. Friend, as he has asked me a very important question. He knows that the operation of monetary policy in the UK is independent of Government. Monetary policy, including measures such as quantitative easing, has been highly effective in supporting the economy. Because of the fiscal implications of an indemnity for the Bank, packages have to be formally agreed by the Chancellor. Although I cannot prejudge any hypothetical request, no request for quantitative easing has ever been refused, and I see no reason why circumstances would be different in future.