§ Baroness Miller of Hendon
asked Her Majesty's Government:
Whether they approve of the interest rate change made by the Bank of England on Thursday, 7 August 1997.
§ Lord McIntosh of Haringey
The Bank of England raised interest rates by a ¼ percentage point on 7 August. The Government are satisfied that the new monetary policy arrangements will deliver long-term price stability, and prevent a return to the cycle of boom and bust.