Written question asked by Michael Jack (Conservative) on Thursday, 20 May 1999, in the House of Commons. It was due for an answer on Wednesday, 26 May 1999. It was answered by Patricia Hewitt (Labour) on Wednesday, 26 May 1999 on behalf of the Treasury.

Treasury

Question: To ask Mr Chancellor of the Exchequer, for what reasons 2+ per cent. remains his inflation target; and if he will make a statement.

Answer: Mr. Jack: To ask the Chancellor of the Exchequer for what reasons 2 1/2 per cent. remains his inflation target; and if he will make a statement. [85349] Ms Hewitt: The Government's inflation target is 2 1/2 per cent., defined by the 12-month increase in the RPI excluding mortgage interest payments (RPIX). Low inflation is an essential precondition for achieving the Government's objectives of high and sustainable levels of growth and employment.

Secondary information