Question to the HM Treasury:

To ask the Chancellor of the Exchequer, if he will launch a review of the current macroeconomic and monetary policy frameworks.

At the Autumn Statement, the Chancellor confirmed new fiscal rules which will ensure the public finances are on a stable footing in the years to come. These are:

- to have public sector net debt (excluding the Bank of England) as a percentage of GDP falling by the fifth year of the rolling forecast period

- to ensure public sector net borrowing does not exceed 3 percent of GDP by the fifth year of the rolling forecast period

The Office for Budget Responsibility confirm we are on track to get debt falling by 2027-28 and meet all our fiscal rules.

He also issued his annual remit and recommendations letters to the Bank of England’s independent Financial Policy Committee and Monetary Policy Committee.

The Chancellor reconfirmed his commitment to monetary policy independence and reaffirmed the remit of the MPC. The Chancellor also stated that this government will not change the definition of price stability from 2% CPI year on year.