§ Mr. Robin F. Cookasked the Chancellor of the Exchequer what is the estimated cost of mortgage relief in each of the years from 1970–71 to 1979–80 at 1975 survey prices.
§ Mr. Robert Sheldon,pursuant to his reply [Official Report, 26th February 1976; Vol. 906, c. 336], gave the following information:
For the years 1970–71 to 1974–75 the information is as follows:
Cost of taxrelief at 1975 survey prices 1970–71 513 1971–72 516 1972–73 568 1973–74 703 1974–75 815 1975–76 885 The current price figures have been revalued using the consumers' expenditure deflator which was used for housing subsidies within the total for housing expenditure in Command Paper No. 6393.
The 1975–76 figure reflects a downward revision of the previous estimate of the cost of mortgage relief at current prices which was £950 million. It is not possible to provide an estimate for future years on the same price basis as housing public expenditure forecasts at 1975 survey prices. The cost of mortgage interest relief in future years will depend on a number of factors including movements in mortgage interest rates, personal incomes, tax rates, allowances and rate bands.