We propose an MPC algorithm with desirable stability and constraint-handling properties, yet which retains computational simplicity. The closed-loop stability and constraint-handling are achieved by formulating an infinite-horizon objective and then solving an equivalent finite-horizon problem. On-line computational requirements for multi-time-scale systems, are reduced substantially by techniques called ’blocking’ and ’condensation’. We show that the blocking and condensation techniques are conveniently applied after expressing the MPC objective and constraint equations in terms of wavelet bases.