Question to the HM Treasury:

To ask the Chancellor of the Exchequer, what assessment his Department has made of the impact of quantitative easing since 2020 on the rate of inflation.

The Bank of England’s independent Monetary Policy Committee is responsible for the operation of monetary policy, including decisions on Bank Rate and quantitative easing. The separation of fiscal and monetary policy is a key feature of the UK’s economic framework, so the Government does not comment on the conduct or effectiveness of monetary policy. Since the MPC were given independence over monetary policy CPI inflation has averaged around the 2% target.

The Government continually monitors economic developments, including inflation, to consider their impact on businesses and households. The Government also remains committed to monetary policy independence, and we retain full confidence in the Committee.