Hansard

Bankruptcy

Volume 410: debated on Thursday 11 September 2003

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Peter Bottomley

To ask the Secretary of State for Trade and Industry what the (a) bank rate of interest and (b) rate of interest accrual under the 1838 bankruptcy provisions has been in each year since 1992. [129499]

Mr. Sutcliffe

The information is as follows:

  • (a) The Bank of England publishes the base rates throughout the year and these can be accessed from their website www.bankofengland.co.uk. In November 1992 the "base rate" was 6.87 per cent. and since July of this year it has been 3.5 per cent.
  • (b) On 1 April 1993 the judgment rate of interest was set at 8 per cent. and has been 8 per cent. since that date. Immediately prior thereto, including for the whole of 1992, it was set at 15 per cent.