Question to the HM Treasury:

To ask Her Majesty's Government what estimate they have made of the impact on the economy of a rise in interest rates of one per cent.

Monetary policy is the responsibility of the independent Monetary Policy Committee of the Bank of England and this includes decisions on Bank Rate and quantitative easing. The separation of fiscal and monetary policy is a key feature of the UK’s economic framework, and essential for the effective delivery of monetary policy, so the Government does not comment on the conduct or effectiveness of monetary policy.

The Government continually monitors economic developments, including any changes to the interest rate, to consider the impact of these developments on businesses and households.