Interest Rates Bank by cdi10450

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									PUBLIC ATTITUDES TO INFLATION
BANK OF ENGLAND / NOP INFLATION ATTITUDES SURVEY - SUMMARY RESULTS (a)

                                   May-09    Aug-09    Nov-09    Feb-10    May-10    Aug-10    Nov-10                                         May-09     Aug-09     Nov-09     Feb-10     May-10   Aug-10     Nov-10
                                     %         %         %         %         %         %         %                                              %          %          %          %          %        %          %

Q.1 Which of these options best describes how prices have changed over the last 12 months?                    Q. 7 What do you think would be best for the British economy - for interest rates to go up
                                                                                                              over the next few months, or to go down, or to stay where they are now, or would it
Gone down                              4         5         5        3         2         2         1           make no difference either way?
Not changed                            5         6         9        7         5         5         4
Up by 1% or less                       3         2         4        4         2         3         2           Go up                              25        23         24         24         25        20        20
Up by 1% but less than 2%              6         8         9        9         8         8         7           Go down                            17        19         15         15         15        17        17
Up by 2% but less than 3%             14        13        15       16        16        18        15           Stay where they are                34        32         35         36         37        39        38
Up by 3% but less than 4%             14        13        13       14        16        17        18           Make no difference                 12        12         11         11          9        11        12
Up by 4% but less than 5%             13        13        11       11        14        14        15           No idea                            12        15         14         13         15        13        13
Up by 5% or more                      33        29        23       24        24        24        28
No idea                                8        10        10       11        13         9         9           Q. 8 And which would be best for you personally, for interest rates to…

Median                                4.0      3.8       3.2       3.3       3.6       3.6       3.9          Go up                              29        25         25         28         25        23        25
                                                                                                              Go down                            25        27         24         25         26        27        28
Q. 2a How much would you expect prices in the shops generally to change                                       Stay where they are                18        20         24         24         23        24        24
over the next 12 months?                                                                                      Make no difference                 23        22         20         18         19        20        17
                                                                                                              No idea                             4         6          7          5          8         6         6
Go down                               10         6         4        4         3         2         2
Not change                            15        14        13       11         5         5         4           Q. 9 How strongly do you agree with the following statements?
Up by 1% or less                       5         5         7        6         4         4         3           a) A Rise in interest rates would make prices in the high street rise more slowly in the short term -
Up by 1% but less than 2%             10        12        14       13        10         9         7           say a month or two
Up by 2% but less than 3%             15        16        17       19        18        19        16
Up by 3% but less than 4%             11        12        11       12        14        16        17
Up by 4% but less than 5%             11        10         9       10        13        15        18           Agree strongly                    n/a        n/a        n/a         2         n/a       n/a       n/a
Up by 5% or more                      13        13        13       12        19        21        25           Agree                             n/a        n/a        n/a        36         n/a       n/a       n/a
No idea                                9        13        12       13        14         9         9           Neither agree nor disagree        n/a        n/a        n/a        20         n/a       n/a       n/a
                                                                                                              Disagree                          n/a        n/a        n/a        20         n/a       n/a       n/a
Median                                2.4      2.4       2.4       2.5       3.3       3.4       3.9          Disagree strongly                 n/a        n/a        n/a         3         n/a       n/a       n/a
                                                                                                              Don't know                        n/a        n/a        n/a        19         n/a       n/a       n/a
Q. 2b And how about the 12 months after that?
                                                                                                              All agree                         n/a        n/a        n/a        38         n/a       n/a       n/a
Go down                                6         5         4        4         2         2         2           All disagree                      n/a        n/a        n/a        23         n/a       n/a       n/a
Not change                            13        11         9        9         7         7         7           Net agree                         n/a        n/a        n/a        15         n/a       n/a       n/a
Up by 1% or less                       6         6         7        6         3         4         3
Up by 1% but less than 2%              9        12        13       12        11        10         8           b) A rise in interest rates would make prices in the high street rise more slowly in the medium
Up by 2% but less than 3%             15        14        16       16        16        18        15           term - say a year or two
Up by 3% but less than 4%             11        10        10       11        11        14        14
Up by 4% but less than 5%              8         7         8        8        10        11        14           Agree strongly                    n/a        n/a        n/a         2         n/a       n/a       n/a
Up by 5% or more                       7         9         9        9        11        12        14           Agree                             n/a        n/a        n/a        40         n/a       n/a       n/a
No idea                               24        26        24       26        28        21        22           Neither agree nor disagree        n/a        n/a        n/a        19         n/a       n/a       n/a
                                                                                                              Disagree                          n/a        n/a        n/a        16         n/a       n/a       n/a
Median                                2.2      2.2       2.3       2.4       2.8       2.9       3.2          Disagree strongly                 n/a        n/a        n/a         1         n/a       n/a       n/a
                                                                                                              Don't know                        n/a        n/a        n/a        21         n/a       n/a       n/a
Q. 2c And how about the longer term, say in five years time?
How much would you expect prices in the shops generally to change over a year then.                           All agree                         n/a        n/a        n/a        42         n/a       n/a       n/a
                                                                                                              All disagree                      n/a        n/a        n/a        18         n/a       n/a       n/a
Go down                                5         4         2        3         3         3         4           Net agree                         n/a        n/a        n/a        24         n/a       n/a       n/a
Not change                             8         6         5        5         5         5         5
Up by 1% or less                       3         4         4        4         3         3         4           Q. 10 If a choice had to be made, either to raise interest rates to try to keep inflation down;
Up by 1% but less than 2%              8         9         9       10         8         8         7           or keep interest rates down and allow prices in the shops to rise faster, which would you prefer:
Up by 2% but less than 3%             13        13        12       13        13        15        13
Up by 3% but less than 4%             10         9        11       10        10        11        11           Interest rates to rise            n/a        n/a        n/a        66         n/a       n/a       n/a
Up by 4% but less than 5%              8         8         9        9         9        10        10           Prices to rise faster             n/a        n/a        n/a        17         n/a       n/a       n/a
Up by 5% or more                      16        14        16       15        15        18        18           No idea                           n/a        n/a        n/a        18         n/a       n/a       n/a
No idea                               29        33        32       32        33        29        29
                                                                                                              Q. 11 Each month, a group of people meets to set Britain's basic interest rate level.
Median                                2.9      2.8       3.2       3.0       3.1       3.2       3.3          Do you know what this group is?

Q. 3 If prices started to rise faster than they do now, do you think Britain's economy would…***              Monetary Policy Committee         n/a        n/a        n/a         7         n/a       n/a       n/a
                                                                                                              Bank of England                   n/a        n/a        n/a        32         n/a       n/a       n/a
end up stronger                        9         8        10        9        11         9        10           The Government                    n/a        n/a        n/a         4         n/a       n/a       n/a
or make little difference             19        22        21       20        20        18        17           The Treasury                      n/a        n/a        n/a         1         n/a       n/a       n/a
or weaker                             63        59        57       60        56        62        61           Parliament                        n/a        n/a        n/a         *         n/a       n/a       n/a
Don't know                             9        12        12       11        13        11        12           Other                             n/a        n/a        n/a         2         n/a       n/a       n/a
                                                                                                              Don't know                        n/a        n/a        n/a        54         n/a       n/a       n/a
Q. 4 The Government has set an inflation target of 2%. Do you think this target…**
                                                                                                              Q. 12 Which of these groups do you think sets the interest rates?
is too high                           20        21        20       21        17        19        20
or too low                            16        14        14       12        15        15        16           Government ministers              n/a        n/a        n/a        13         n/a       n/a       n/a
or about right                        52        51        54       54        56        54        52           Civil servants                    n/a        n/a        n/a         1         n/a       n/a       n/a
No idea                               11        14        13       13        12        12        12           Bank of England                   n/a        n/a        n/a        71         n/a       n/a       n/a
                                                                                                              High street banks                 n/a        n/a        n/a         3         n/a       n/a       n/a
Q. 5 How would you say interest rates on things such as mortgages, bank loans and savings                     European Central Bank             n/a        n/a        n/a         3         n/a       n/a       n/a
have changed over the last 12 months?                                                                         No idea                           n/a        n/a        n/a         8         n/a       n/a       n/a

Risen a lot                            7        10         8        9         9         9        10           Q. 13 In fact, the decisions are taken by the Monetary Policy Committee of the Bank of England.
Risen a little                        10        12        13       13        13        19        17           Which of these do you think best describes the Monetary Policy Committee?
Stayed about the same                  6         8        15       20        26        30        31
Fallen a little                       14        17        18       16        16        12        13           Part of the Government            n/a        n/a        n/a        16         n/a       n/a       n/a
Fallen a lot                          49        37        31       25        18        12        11           A Quango, wholly
No idea                               13        15        16       16        17        17        17            appointed by the Govt.           n/a        n/a        n/a         9         n/a       n/a       n/a
                                                                                                              An independent body, partly
All saying "risen"                   18        22        21        23        23        29        27            appointed by the Govt.           n/a        n/a        n/a        37         n/a       n/a       n/a
All saying "fallen"                  63        54        49        41        34        24        24           A completely independent
Net risen                            -46       -32       -27       -18       -11        4         4            body                             n/a        n/a        n/a        21         n/a       n/a       n/a
                                                                                                              No idea                           n/a        n/a        n/a        17         n/a       n/a       n/a
Q. 6 How would you expect interest rates to change over the next 12 months?
                                                                                                              Q. 14 Overall, how satisfied or dissatisfied are you with the way the Bank of England
Rise a lot                             7         8         7        9        12        10        10           is doing its job to set interest rates in order to control inflation?
Rise a little                         37        40        40       44        40        38        42
Stay about the same                   34        31        31       28        25        33        29           Very satisfied                      7         5          6          7          8         7         7
Fall a little                          9         7         6        5         5         4         3           Fairly satisfied                   37        34         38         41         40        40        38
Fall a lot                             1         1         1        1         1         1         1           Neither satisfied nor
No idea                               12        14        15       13        16        14        15            dissatisfied                      24        27         25         25         24        27        24
                                                                                                              Fairly dissatisfied                16        13         12         13         13        12        14
All saying "rise"                     45        48        47       54        52        48        52           Very dissatisfied                  11        11          8          7          6         7         9
All saying "fall"                     10         8         7        5         6         5         4           No idea                             6        10         11          7          8         7         9
Net rise                              35        40        40       48        46        43        48
                                                                                                              Total satisfied                    44        38         44         48         49        47        44
                                                                                                              Total dissatisfied                 27        24         20         20         19        19        23
                                                                                                              Net satisfied                      17        14         24         28         29        28        22




Note * indicates less than 0.5%
** Figures up to and including November 2003 are based on a target of 2.5%
*** In February 2004 two additional questions (Q3B and Q3C) were asked to gauge the public awareness of the change in inflation target from RPIX to CPI. See February 2004 table for results.
(a) Totals may differ from the sum of their constituents due to rounding.

								
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