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1713401

registered interest
date	24/04/2024
answering body	Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	Treasury
hansard heading	Interest Rates
house id	1
legislature	25259 pref label House of Commons
question text	To ask the Chancellor of the Exchequer, what recent discussions he has had with the Bank of England on bank rates.
tabling member constituency	Strangford
tabling member printed	Jim Shannon
uin	23479
answer	answer is ministerial correction date of answer 29/04/2024 answer text <p>Monetary policy is the responsibility of the independent Monetary Policy Committee of the Bank of England. This includes decisions on the Bank Rate.</p><p> </p><p>The Treasury meet with the Bank of England regularly to discuss their assessment of the economy and financial services. This includes regular meetings between the Chancellor and the Governor of the Bank of England.</p><p> </p> answering member constituency Hitchin and Harpenden answering member printed Bim Afolami question first answered 29/04/2024 14:37:35 answering member 4639 label Biography information for Bim Afolami
tabling member	4131 label Biography information for Jim Shannon

1682836

registered interest
date	17/01/2024
answering body	Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	Treasury
hansard heading	Interest Rates
house id	2
legislature	25277 pref label House of Lords
question text	To ask His Majesty's Government what assessment they have made of reports that the Bank of England is considering cutting interest rates in response to the slowdown of wage growth; and what assessment they have made of the effect that this would have on the economy more widely.
tabling member printed	Lord Taylor of Warwick
uin	HL1720
answer	answer is ministerial correction date of answer 31/01/2024 answer text <p>Monetary policy is the responsibility of the independent Monetary Policy Committee (MPC) of the Bank of England, so the Government rightly does not comment on the conduct or effectiveness of monetary policy.</p><p> </p> answering member printed Baroness Vere of Norbiton question first answered 31/01/2024 12:13:32 answering member 4580 label Biography information for Baroness Vere of Norbiton
tabling member	1796 label Biography information for Lord Taylor of Warwick

1666492

registered interest
date	23/10/2023
answering body	Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	Treasury
hansard heading	Interest Rates
house id	1
legislature	25259 pref label House of Commons
question text	To ask the Chancellor of the Exchequer, what recent discussions his Department has had with business on interest rates.
tabling member constituency	Strangford
tabling member printed	Jim Shannon
uin	203838
answer	answer is ministerial correction date of answer 26/10/2023 answer text <p>Treasury ministers and officials hold regular discussions with businesses, both individually and through their representative organisations such as the Federation of Small Businesses, the Institute of Directors, The 100 Group and the British Chambers of Commerce, on a range of issues affecting businesses including interest rates.</p> answering member constituency Arundel and South Downs answering member printed Andrew Griffith question first answered 26/10/2023 09:59:16 answering member 4874 label Biography information for Andrew Griffith
tabling member	4131 label Biography information for Jim Shannon

1650591

registered interest
date	05/07/2023
answering body	Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	Treasury
hansard heading	Interest Rates
house id	2
legislature	25277 pref label House of Lords
question text	To ask His Majesty's Government what steps they are taking to address the disparity between rising mortgage rates and lower interest rates on savings.
tabling member printed	Lord Taylor of Warwick
uin	HL9082
answer	answer is ministerial correction date of answer 12/07/2023 answer text <p>The pricing of products, including savings accounts, is a commercial matter for firms in which the Government does not intervene. However, the Chancellor has made clear his expectation that savers benefit from rising interest rates. He has tasked the Financial Conduct Authority to report later this month on how the savings market is supporting savers to benefit from higher interest rate.</p><p> </p> answering member printed Baroness Penn question first answered 12/07/2023 12:46:10 answering member 4726 label Biography information for Baroness Penn
tabling member	1796 label Biography information for Lord Taylor of Warwick

1648663

registered interest
date	28/06/2023
answering body	Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	Treasury
hansard heading	Interest Rates
house id	1
legislature	25259 pref label House of Commons
question text	To ask the Chancellor of the Exchequer, if he will take steps to (a) allow Parliament to set interest rates and (b) reverse recent increases in interest rates.
tabling member constituency	Warrington North
tabling member printed	Charlotte Nichols
uin	191679
answer	answer is ministerial correction date of answer 04/07/2023 answer text <p>Monetary policy is the responsibility of the independent Monetary Policy Committee (MPC) of the Bank of England and this includes decisions on Bank Rate. The Government does not comment on the conduct or effectiveness of monetary policy.</p><p> </p><p>The Government has made it a priority to halve inflation this year. Any plans to undermine the independence and role of the Bank of England, or embark on unfunded borrowing sprees to the tune of £28bn would only serve to harm the economy and increase inflation.</p> answering member constituency Arundel and South Downs answering member printed Andrew Griffith question first answered 04/07/2023 11:08:15 answering member 4874 label Biography information for Andrew Griffith
tabling member	4799 label Biography information for Charlotte Nichols

1646526

registered interest
date	21/06/2023
answering body	Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	Treasury
hansard heading	Interest Rates
house id	1
legislature	25259 pref label House of Commons
question text	To ask the Chancellor of the Exchequer, what assessment he has made of the impact of relative changes in banks rates on (a) mortgages and loans and (b) savings.
tabling member constituency	Slough
tabling member printed	Mr Tanmanjeet Singh Dhesi
uin	190742
answer	answer is ministerial correction date of answer 26/06/2023 answer text <p>The Government does not set mortgage or interest rates. The Bank Rate - which is one factor that lenders use to set mortgage and retail interest rates - is set by the Monetary Policy Committee (MPC) of the Bank of England, which is independent of Government. Commercial Banks and Building Societies also make other commercial judgements that influence the degree of pass‐through from changes in Bank Rate into mortgage and retail interest rates. The Government does not seek to intervene in these commercial decisions.</p><p> </p><p>However, we recognise this will be a concerning time for mortgage holders, particularly those who are due to come to the end of their existing deal in the immediate future. The Prime Minister has been clear, the best and most important way that we can keep costs and interest rates down for people is to halve inflation, and then return it to the 2% target.</p><p> </p><p>The Chancellor and I have regular meetings with banks on a range of topics, including to discuss how banks are supporting people with the rising cost of living. On Friday 23 June the Chancellor met with mortgage lenders, UK Finance and the FCA to discuss a new package of support for those who encounter problems keeping up with their mortgage payments. These commitments include an agreement permitting customers to switch to an interest only mortgage, or extend their mortgage term, for 6 months, after which they can switch back without a new affordability check or it affecting their credit score. Lenders also agreed borrowers won’t have their home repossessed within 12 months from a first missed payment without their consent or unless in exceptional circumstances.</p><p> </p><p>If you are concerned about making your mortgage repayment, you must speak to your lender as soon as possible. Contacting them will not affect your credit score.</p><p> </p><p>The Government has also already taken a number of measures aimed at helping people to avoid repossession, including Support for Mortgage Interest (SMI) loans for those in receipt of an income-related benefit, and protection in the courts through the Pre-Action Protocol, which makes it clear that repossession must always be the last resort for lenders.</p><p> </p><p> </p><p>The retail savings market currently offers a range of competitive options to savers, who can now access the highest rates in recent years on a variety of instant access and fixed-term products. I would encourage savers to explore the full range of products available in the market to find the best rates.</p><p> </p> answering member constituency Arundel and South Downs answering member printed Andrew Griffith grouped question UIN 190743 190745 question first answered 26/06/2023 12:18:41 answering member 4874 label Biography information for Andrew Griffith
tabling member	4638 label Biography information for Mr Tanmanjeet Singh Dhesi

1471981

registered interest
date	21/06/2022
answering body	Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	Treasury
hansard heading	Interest Rates
house id	1
legislature	25259 pref label House of Commons
question text	To ask the Chancellor of the Exchequer, what steps he is taking to help ensure that banks are passing on the interest rate increase to their customers.
tabling member constituency	Rochester and Strood
tabling member printed	Kelly Tolhurst
uin	22487
answer	answer is ministerial correction date of answer 27/06/2022 answer text <p>The pricing of financial products is a commercial decision for firms and the Government does not seek to intervene in such decisions.</p><p> </p><p>The independent Monetary Policy Committee (MPC) of the Bank of England makes monetary policy decisions independently of the Government. Therefore, the Government does not comment on the conduct or effectiveness of monetary policy. The MPC sets the base rate of interest, which is known as Bank Rate. This is the rate of interest the Bank of England will pay on reserves held with them by commercial banks. MPC decisions over Bank Rate guide commercial banks’ decisions over retail interest rates, i.e. interest rates they charge on loans and pay on deposits. However, retail banks also make commercial judgements that influence the degree of pass‐through from changes in Bank Rate into retail interest rates, with conditions in financial markets and in the banking sector also influencing interest rates paid on deposits or charged for lending.</p> answering member constituency Salisbury answering member printed John Glen question first answered 27/06/2022 13:34:58 answering member 4051 label Biography information for John Glen
tabling member	4487 label Biography information for Kelly Tolhurst

1470146

registered interest
date	14/06/2022
answering body	Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	Treasury
hansard heading	Interest Rates
house id	1
legislature	25259 pref label House of Commons
question text	To ask the Chancellor of the Exchequer, if he will make an assessment of the potential effect on the economy of a raising of interest rates to 3 per cent.
tabling member constituency	Strangford
tabling member printed	Jim Shannon
uin	17941
answer	answer is ministerial correction date of answer 17/06/2022 answer text <p>Monetary policy is the responsibility of the independent Monetary Policy Committee (MPC) of the Bank of England and this includes decisions on Bank Rate and the assets held in the Asset Purchase Facility (APF). 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, including the effect of a change in Bank Rate.</p><p> </p><p>The Government continually monitors a range of economic indicators and developments to consider the impact of these on businesses and households.</p> answering member constituency Salisbury answering member printed John Glen question first answered 17/06/2022 15:20:55 answering member 4051 label Biography information for John Glen
tabling member	4131 label Biography information for Jim Shannon

1417558

registered interest
date	27/01/2022
answering body	Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	Treasury
hansard heading	Interest Rates
house id	2
legislature	25277 pref label House of Lords
question text	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.
tabling member printed	Lord Tyrie
uin	HL5756
answer	answer is ministerial correction date of answer 08/02/2022 answer text <p>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.</p><p> </p><p>The Government continually monitors economic developments, including any changes to the interest rate, to consider the impact of these developments on businesses and households.</p> answering member printed Baroness Penn question first answered 08/02/2022 16:35:21 answering member 4726 label Biography information for Baroness Penn
tabling member	112 label Biography information for Lord Tyrie

1311974

registered interest
date	26/04/2021
answering body	Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	Treasury
hansard heading	Interest Rates
house id	2
legislature	25277 pref label House of Lords
question text	To ask Her Majesty's Government which department or agency is responsible for managing the sensitivity of (1) public accounts, and (2) expenditure, to interest rate movements.
tabling member printed	Lord Myners
uin	HL15255
answer	answer is ministerial correction date of answer 29/04/2021 answer text <p>As the government’s economic and finance ministry, HM Treasury is responsible for maintaining control over public spending, including debt interest expenditure. The Office for Budget Responsibility publish estimates of the sensitivity of debt interest spending to changes in interest rates in their Economic and Fiscal Outlook. We have strong independent economic institutions and a well-established macroeconomic framework that ensures we are well placed to deal with risks to our public finances.</p> answering member printed Lord Agnew of Oulton question first answered 29/04/2021 11:48:40 answering member 4689 label Biography information for Lord Agnew of Oulton
tabling member	3869 label Biography information for Lord Myners