Question to the HM Treasury:

To ask Her Majesty's Government whether they have recently considered setting a temporary or permanent increase in the inflation target set for the Monetary Policy Committee.

The Bank of England Act 1998 established that the objectives of the Monetary Policy Committee of the Bank of England are to maintain price stability and, subject to that, to support the economic policy of the Government.

The Chancellor reaffirmed at the Spring Budget 2017 that the committee will continue to target 2 per cent inflation as defined by the 12-month increase in the consumer prices index.