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Higher Interest Rates And The Monetary Policy Committee

EDM number 1851 in 2006-07, proposed by Austin Mitchell on 05/07/2007.

That this House regrets the decision of the Bank of England Monetary Policy Committee (MPC) to raise interest rates yet again, to a level higher than short-term bank rates in Europe, Japan and the US and at a time when the main inflationary pressures come not from wages and salaries but from food, fuel and utility prices, which higher interest rates cannot check; points out that this and the other recent increases sustain the overvaluation of sterling, damaging manufacturing and exports, compound the trading difficulties of the high street and the burdens on householders in the UK's indebted society, hold back investment and increase all costs; and therefore suggests that the MPC in determining interest rates should be required to take more account of the strength and growth of the economy and the competitiveness of the exchange rate.

This motion has been signed by a total of 25 MPs.

Austin Mitchell05/07/2007Great GrimsbyLabourProposed
Jim Cousins05/07/2007Newcastle upon Tyne CentralLabourSeconded
Kelvin Hopkins05/07/2007Luton NorthLabourSeconded
Robert Wareing09/07/2007Liverpool, West DerbyLabourSeconded
David Taylor09/07/2007North West LeicestershireLabourSeconded
David Drew09/07/2007StroudLabourSeconded
Lynne Jones10/07/2007Birmingham, Selly OakLabourSigned
Jeremy Corbyn10/07/2007Islington NorthLabourSigned
Jon Cruddas10/07/2007DagenhamLabourSigned
Mark Durkan10/07/2007FoyleSocial Democratic and Labour PartySigned
Mike Hancock10/07/2007Portsmouth SouthLiberal DemocratSigned
Ronnie Campbell11/07/2007Blyth ValleyLabourSigned
Linda Riordan11/07/2007HalifaxLabourSigned
Rudi Vis11/07/2007Finchley and Golders GreenLabourSigned
Colin Burgon11/07/2007ElmetLabourSigned
Alan Simpson12/07/2007Nottingham SouthLabourSigned
Ann Cryer12/07/2007KeighleyLabourSigned
Nick Harvey16/07/2007North DevonLiberal DemocratSigned
Robert Marshall-Andrews16/07/2007MedwayLabourSigned
Jim Devine16/07/2007LivingstonLabourSigned
Bill Etherington17/07/2007Sunderland NorthLabourSigned
Brian Jenkins19/07/2007TamworthLabourSigned
John Hemming19/07/2007Birmingham, YardleyLiberal DemocratSigned
John McDonnell25/07/2007Hayes and HarlingtonLabourSigned
David Hamilton08/10/2007MidlothianLabourSigned

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