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tabling member printed	Lord Stevens of Ludgate
answering body	HM Treasury
max answer › question first answered	2014-05-06T12:00:00.00Z

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registered interest

date

exactly:

or between:
and

answering body

answering dept id

answering dept short name

answering dept sort name

house id

legislature


pref label

question text

tabling member printed

uin

answer

is ministerial correction

date of answer

exactly:

or between:
and

answer text

answering member printed

question first answered

answering member


label

tabling member


label

45992

registered interest

date

31/03/2014

answering body

HM Treasury

answering dept id

answering dept short name

Treasury

answering dept sort name

CaTreasury

house id

legislature

25277

pref label	House of Lords

question text

To ask Her Majesty's Government, further to the reply by Lord Deighton on 27 March to remarks by Lord Myners, Lord Higgins and Lord Flight (HL Deb, col 676) and the Written Answer by Lord Sassoon on 3 July 2013 (WA 143), whether they continue to consider that borrowing from the central bank is illegal under Article 123 of the Treaty on the Functioning of the European Union; and, if so, what options are available in respect of government debt and quantitative easing while the United Kingdom remains a member of the European Union.

tabling member printed

Lord Stevens of Ludgate

uin

HL6470

answer

is ministerial correction

date of answer

11/04/2014

answer text

The independent Monetary Policy Committee (MPC) of the Bank of England has operational responsibility for monetary policy. The MPC makes decisions on its policy tools, including quantitative easing (QE), in order to meet the 2% inflation target in the medium term. The separation of fiscal and monetary policy is a key feature of the UK's economic policy framework. To use monetary policy tools to meet fiscal objectives, such as financing government borrowing, could conflict with the MPC's objective of price stability and undermine confidence in the UK's monetary policy framework. Additionally, government borrowing from the central bank is illegal under Article 123 of the Treaty on the Functioning of the European Union.

answering member printed

Lord Newby

question first answered

11/04/2014 12:00:00

answering member

1916

label	Biography information for Lord Newby

tabling member

2227

label	Biography information for Lord Stevens of Ludgate