HC Deb 15 March 1990 vol 169 c380W
Mr. Alton

To ask the Chancellor of the Exchequer what estimate he has of the effect of a 1 per cent. increase in interest rates on the total level of United Kingdom personal debt and the average level of debt for each family.

Mr. Norman Lamont

An increase in interest rates encourages saving and discourages borrowing and therefore, over time, leads to a reduction in the rate of growth of personal debt.