Question to the HM Treasury:

To ask the Chancellor of the Exchequer, if he will take steps to (a) allow Parliament to set interest rates and (b) reverse recent increases in interest rates.

Monetary policy is the responsibility of the independent Monetary Policy Committee (MPC) of the Bank of England and this includes decisions on Bank Rate. The Government does not comment on the conduct or effectiveness of monetary policy.

The Government has made it a priority to halve inflation this year. Any plans to undermine the independence and role of the Bank of England, or embark on unfunded borrowing sprees to the tune of £28bn would only serve to harm the economy and increase inflation.