Lord Redwood
Main Page: Lord Redwood (Conservative - Life peer)Department Debates - View all Lord Redwood's debates with the HM Treasury
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Lord Pitt-Watson (Lab)
How can I answer that? You may say that; I couldn’t possibly comment. I made the point that the Bank rate rose between May 2022 and August 2023 by 4.25 percentage points. If I am doing my arithmetic right, that is 17 times what we have seen in the past week.
Lord Redwood (Con)
Why was the Bank of England recently given permission by the Chancellor not to sell £120 billion of long bonds that it was planning to sell and why is it now seeking permission to sell all the remaining bonds to the Treasury?
Lord Pitt-Watson (Lab)
This was the decision of the independent Bank of England, just as the decision on the Bank rate is an independent decision of the Bank of England. I am not sure I can go beyond that in commenting.