§ Mr. Nicholas Brown
To ask the Chancellor of the Exchequer if he will estimate the additional annual cost or yield to the Exchequer in tax relief on mortgage interest payments of every 1 per cent. rise or reduction in mortgage interest rates.
§ Mr. Lilley
[holding answer 9 February 1990]: An increase or reduction of one percentage point in the level of mortgage interest rates would increase or reduce the annual cost of mortgage interest relief on the current stock of mortgages by about £550 million.