Chris Evans
Main Page: Chris Evans (Labour (Co-op) - Islwyn)Department Debates - View all Chris Evans's debates with the Wales Office
(1 month, 2 weeks ago)
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Chris Evans (Islwyn) (Lab/Co-op)
The Secretary of State will know that much of our monetary policy, which has an effect on interest rates for Welsh businesses and Welsh households, is decided in Threadneedle Street. Has he met the Governor of the Bank of England recently? If not, will he invite him to Wales to see the impact of his policies on the Welsh economy? Will he hold a meeting with other Welsh MPs, and may I humbly suggest that it be in Blackwood, Newbridge or Risca in my constituency?
David T. C. Davies
The hon. Gentleman will surely be aware that the Bank of England sets interest rates independently, as a result of a policy brought in by the former Labour Government. It has been widely accepted that it is right that the Bank should set interest rates with a view to not what politicians ask it to do, but what the economy demands. As a result of the policies being pursued by this UK Government in conjunction with the Bank of England, inflation has dropped drastically from over 11% to 4%, and I would like to think that interest rates will soon follow.