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Mr. Gould
asked the Chancellor of the Exchequer if he will publish in the Official Report the total amount granted in tax relief on mortgage interest for each year since 1960 (a) in 1975 prices and (b) as a percentage of gross national product.
Mr. Robert Sheldon
The figures are as follows. Column (a) gives the cost of tax relief in the year increased by the ratio of the average retail price index in calendar year 1975 to the average for the year in question. Column (b) gives the actual cost of tax relief (not so increased) as a percentage of gross national product.
TAX RELIEF ON MORTGAGE INTEREST PAYMENTS | ||
At 1975 prices (a) | Percentage of GNP (b) | |
£ million | ||
1960–61 | 191 | 0·30 |
1961–62 | 197 | 0·30 |
1962–63 | 190 | 0·29 |
1963–64 | 224 | 0·32 |
1964–65 | 263 | 0·36 |
1965–66 | 308 | 0·42 |
1966–67 | 341 | 0·46 |
1967–68 | 387 | 0·50 |
1968–69 | 397 | 0·51 |
1969–70 | 456 | 0·57 |
1970–71 | 515 | 0·63 |
1971–72 | 512 | 0·60 |
1972–73 | 563 | 0·63 |
1973–74 | 692 | 0·75 |
1974–75 | 794 | 0·85 |