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Income Support

Volume 301: debated on Wednesday 26 November 1997

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To ask the Secretary of State for Social Security what factors are taken into account in deciding changes of standard interest rate for mortgage interest in income support; what recent changes in the rate have been made and on what dates; what the levels were; and what plans he has to review the arrangements. [16626]

The standard interest rate is based on the weighted average of basic building society interest rates. Changes are triggered when the average rate moves by 0.25 per cent. or more. We have no current plans to change the existing arrangements.Information about changes in the standard interest rate since its introduction are listed below:

Rate (per cent.)Date
8.392 October 1995
8.0028 January 1996
7.7428 April 1996
7.4830 June 1996
7.161 September 1996
6.8922 December 1996
7.2020 April 1997
7.5728 September 1997
7.9730 November 1997