Downing Street Says » Inflation

» Tuesday, February 15, 2011

Inflation

Asked if the Government was troubled by the rise in inflation, the PMS said that there had been an exchange of letters. The Bank of England had set out three factors that accounted for the current high level of inflation; the rise in VAT, the fall in Sterling and the recent rise in commodity prices including energy prices. Dealing with inflation and monetary policy were matters for the Monetary Policy Committee.

The PMS added that the Prime Minister had been pointing out that there was some difficult work to do on the economy; we had to rebalance the economy, deal with public debt and a record deficit. The PMS said that we recognised that process would take time.

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