Oral question asked in the House of Lords, by Lord Barnett (Labour). It was answered by Lord Sassoon (Conservative) on Wednesday, 8 June 2011.
Oil Prices
- Question
- To ask Her Majesty’s Government what plans HM Treasury has to ensure that inflation is reduced and consumers derive benefit when there is a reduction in oil prices.
- Answer
-
My Lords, the independent Monetary Policy Committee of the Bank of England, the MPC, is responsible for maintaining price stability. It sets policy to meet the inflation target in the medium term. The MPC continues to judge that inflation is likely to fall back through 2012 and 2013. Petrol retailing is a competitive market. It is that competition which should see reductions in oil prices passed on to consumers.
Secondary information
- Type
- Oral question
- Reference
- 728 c260
- Session
- 2010-12
- Oral question type
- Lead
- Chamber / Committee
- House of Lords chamber
- Subjects
- Inflation Oil Prices Monetary policy
- Link
- View this Oral question on www.publications.parliament.uk
Librarians' tools
- Timestamp
- 2023-04-11 22:34:02 +0100
- URI
- http://data.parliament.uk/pimsdata/Hansard/PARLIAMENTARY_QUESTION_1620438
- In Indexing
- http://indexing.parliament.uk/Content/Edit/1?uri=http://data.parliament.uk/pimsdata/Hansard/PARLIAMENTARY_QUESTION_1620438
- In Solr
- https://search.parliament.uk/claw/solr/?id=http://data.parliament.uk/pimsdata/Hansard/PARLIAMENTARY_QUESTION_1620438