Monetary Policy Committee Debate

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Department: HM Treasury

Lord Newby

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Monetary Policy Committee

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Overseas Aid: Famine Relief
Wednesday 6th July 2011

(13 years, 2 months ago)

Lords Chamber
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Lord Newby Portrait Lord Newby
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My Lords—

Lord Maples Portrait Lord Maples
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My Lords—

Lord Strathclyde Portrait Lord Strathclyde
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My Lords, we have time for both noble Lords. We can have the noble Lord, Lord Newby, and then the noble Lord, Lord Maples.

Lord Newby Portrait Lord Newby
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My Lords, does the noble Lord agree that at a time when real incomes are falling, if the Bank of England Monetary Policy Committee were to raise interest rates now the principal effect would simply be to reduce growth and increase unemployment?

Lord Sassoon Portrait Lord Sassoon
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Yes, I completely agree with my noble friend.

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