Do not raise Bank of England base rate.

While I accept Interest rates are set independently. I simply don't accept that there's a strong case to raise interest rates. People's disposable incomes are not increasing above inflation. Increasing rates will kill off the recovery. Interest rates must be debated in parliament, together with an orchestrated media campaign to stop the rise for at least 12 months. Businesses' cashflow will also be affected, and, ironically we, the taxpayer will have more interest to pay on the current budget deficit.

This e-petition has been rejected with the following reason given:

E-petitions cannot be used to request action on issues that are outside the responsibility of the government. This includes:

  • party political material
  • commercial endorsements including the promotion of any product, service or publication
  • issues that are dealt with by devolved bodies, eg The Scottish Parliament
  • correspondence on personal issues

E-petitions cannot be used for freedom of information requests.

The following explanatory notes have been added:

The Monetary Policy Committee (MPC) of the Bank of England has operational independence for monetary policy, and any decision on Bank Rate is therefore for the MPC.

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Wednesday 20 August 2014

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