The accusation comes after Chief Secretary Stephen Byers told the Commons during a debate on the economy: "We hope interests rates have peaked at 7.5% and that they are on their way down.

Economics Correspondent Ed Crookes: The government has put pressure on Bank for the first time

"Announcements from the Bank of England show the balance of risks has changed as far as inflation is concerned.

"So I hope we will see significant decisions being made - but I'm guarded in what I say because if I say something it will be seen as being pressure on the Governor of the Bank of England. I wouldn't want to do that."

Francis Maude: ministers can't have it both ways

But Shadow Chancellor Francis Maude said: "This is the first time they have put overt pressure on the Bank of England.

"You can't have it both ways. Either take personal responsibility as minister for interest rates or you let the Bank of England be properly independent."

Earlier in the debate the Liberal Democrat Treasury spokesman attacked Chancellor Gordon Brown in an economy debate - but mainly for failing to turn up.

Malcolm Bruce had to make do with Mr Byers to answer his questions on manufacturing and farming jobs.

"Will the chief secretary tell us when the chancellor is going to implement domestic policies at home rather than lecturing the rest of the world?" Mr Bruce asked.

The Opposition day debate in the Commons allowed the Lib Dems to highlight their belief that 500,000 jobs will go by 2000.

Mr Bruce said: "We should keep matters in perspective. Our objective surely ought to be to avoid a recession.

"We have had a chancellor who has talked tough about ending boom and bust - he's done little else.

Malcom Bruce on the Today programme: "British manufacturing and farming are in dire straits"

"But he's failed however to address the instability caused by a high and volatile pound.

"Things are going to get very much worse next year. We face a serious recession in manufacturing."

Mr Bruce added: "Instead of addressing the economic problem the chancellor has been attempting to play the blame game."

He said problems in Asia and elsewhere could not be wholly blamed for difficulties at home.

"The chancellor is exaggerating those effects - fully 75% of exports go to Europe and North America where there is no recession."

Half a million manufacturing workers are to lose their jobs, Malcolm Bruce warns

In his first time at the despatch box, Mr Byers said a global downturn was the problem.

"No debate on our economy at the present time can ignore the world situation," he said.

"The IMF has revised down its forecast from nearly 4% to 2% and Britain's exports markets are set to grow more slowly."

He said the right approach to such worldwide problems was not isolationism but increased co-operation.

"We must not let temporary instability put global progress at risk," he said

Mr Byers also repeated the renewed emphasis the government is placing on improving the UK's comparatively low productivity.

At the debate's close the Liberal Democrat motion attacking the government's economic policies was defeated by 330 votes to 43, a government majority of 287.