Downing Street Says

» Tuesday, April 29, 2008

Economy

Asked if the Prime Minister had a chance to review Mervyn King’s comments, the PMS replied that the Prime Minister had not had chance to examine them in detail, but he was sure he would have no difficulty with any of it.

Put that the Governor of the Bank of England said that the £50billion injection was not designed to beef up the mortgage market, which seemed to be the opposite impression given by the Chancellor and Prime Minister last week, and asked if the £50billion would help the mortgage market, the PMS replied that this was slightly putting words into the mouth of the Governor. What we did last week was a very important next step that the Government took to ensure that there was sufficient liquidity in financial markets which among other things, should help improve the situations in mortgages markets compared to what it might otherwise have been.

Asked if the Government would support the incorporation of mortgage spending in the CPI, the PMS replied that this was a question for the ONS and the Treasury, but from memory the CPI measure of inflation that we used was one that was internationally recognised and was used by all other countries in Europe.

Asked if the Government was confident that inflation was under control, the PMS replied that the Government believed that the Government set the inflation target, and it was for the Bank of England to deliver that target.

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Economy

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