Assurance over monetary policy

The Chancellor has insisted the Government will not seek to change monetary policy despite Theresa May’s swipe at the impact of quantitative easing and low interest rates.

Philip Hammond indicated that the independence of the Bank of England’s Monetary Policy Committee was not under threat, but hinted the Government could take action to limit the damage for people hit by its actions.

Mr Hammond stressed: “There will be no change in monetary policy. Monetary policy is independently determined. That will continue to be the case.”