Please see below the Chancellor's response to today's Bank of
England Monetary Policy Committee Decision and Monetary Policy
Report.
The Chancellor of the Exchequer said:
"While today's cut in interest rates will be welcome news,
millions of families are still facing higher mortgage rates after
the mini-budget. That is why this government is taking the
difficult decisions now to fix the foundations of our
economy after years of low growth, so we can rebuild Britain
and make every part of our country better off.”
Conservatives: Response to the Bank of England's
interest rate announcement
MP, Shadow Chancellor of the
Exchequer said:
“Today's cut will be welcome news for millions of homeowners and
shows that Labour inherited a stronger economy which was on the
right track.
“In government, we took difficult decisions that cut inflation
from 11.1 per cent to the Bank's target of 2.0 per cent, paving
the way for lower rates. Our concern is that further substantive
cuts may now take longer because of inflation-busting public
sector pay rises rushed through by the Chancellor ahead of the
summer.”
ENDS
Notes to Editors
-
Half of the Government's ‘blackhole' accounts for
public sector pay deals – some at ten times the rate of
inflation – without productivity reform in
return. Half of Labour
‘blackhole' represents above inflation pay deals, which for
junior doctors is over ten times the rate of inflation –
without asking their union backers for much needed productivity
reform in return, as we negotiated (HM
Treasury, Policy Paper, 29 July
2024, link).
