Bank of England: Interest Rate Policy

Lord Foulkes of Cumnock Excerpts

Wednesday 12th July 2023 Lords Chamber

[Baroness Penn (Con)]

Much as noble Lords continue to ask me to comment on the conduct of monetary policy by the Bank of England, as I said, the Government do not comment on the conduct or effectiveness of monetary policy. We continue to support the MPC as it takes action, and we focus on making the tough decisions necessary to tackle inflation.

[Lord Foulkes of Cumnock (Lab Co-op)]

My Lords, does the Minister not realise that this mortgage rate misery comes on top of the huge increase in the cost of energy and the continued increase in food prices and other costs? How do the multi-millionaires who run this Government find out how ordinary people are affected?

[Baroness Penn (Con)]

The noble Lord does not reflect on the action that has been taken by this Government that has supported those who struggle most to meet the rising cost of living, with more than £90 billion of support last year and this year focused on those who need it the most, including the energy price guarantee, direct support with energy bills and cost of living payments worth hundreds of pounds to millions of families across the country.