Q. Who sets the Interest Rates in the UK?
A. The interest rates in the UK are set by the Monetary Policy Committee (MPC) of the Bank of England. The MPC is made up of nine members, including the Governor of the Bank of England, two Deputy Governors, and six external members appointed by the Chancellor of the Exchequer. The committee meets regularly to assess economic conditions and set the interest rates to achieve the government's inflation target.
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