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Mr. Cousins
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]
Mr. Keith Bradley
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 |
| 8.39 | 2 October 1995 |
| 8.00 | 28 January 1996 |
| 7.74 | 28 April 1996 |
| 7.48 | 30 June 1996 |
| 7.16 | 1 September 1996 |
| 6.89 | 22 December 1996 |
| 7.20 | 20 April 1997 |
| 7.57 | 28 September 1997 |
| 7.97 | 30 November 1997 |