Following the Bank of England’s decision to leave UK interest rates at 4.25%, Rachel Reeves says the government respects the Bank's decision. Speaking at the Times CEO Summit in central London, the Chancellor says, "we respect independent economic institutions, and the Bank has got an incredibly important but difficult job to do”. Report by Blairm. Like us on Facebook at http://www.facebook.com/itn and follow us on Twitter at http://twitter.com/itn
00:00We respect independent economic institutions and, you know, the bank has got an incredibly important but difficult job to do and we want them to set the monetary policy that is appropriate for meeting the inflation target because we also saw in the last parliament a double digit inflation, which was, you know, so challenging for businesses, but also family finances, which also has a knock on impact on business.
00:27But we've had four cuts. That is a world away from the previous parliament when interest rates went up so sharply because of the poor economic mismanagement of prime ministers and chancellors.
