§ Mr. ShoreTo ask the Chancellor of the Exchequer what is the current clearing banks' base rate in the United Kingdom; what information he has about the nearest equivalent in the other member countries of the European Community; and what the equivalent figures were on 7 September 1992.
§ Mr. Lamont[holding answer 29 January 1993]: The clearing banks' base rate in the United Kingdom on 29 January was 6 per cent. compared with 10 per cent. on the 7 September 1992. Commercial bank rates and official rates in other countries are not strictly comparable, so the talble compares three month market interest rates on the dates specified.
96W
Short-term (three months interest rates) 7 September 1992 29 January 1993 United Kingdom 10.3 6.3 Belgium 9.8 8.4 Denmark 11.2 13.0 Spain 13.7 14.0 France 10.5 12.6 Germany 9.8 8.5 Greece 20.0 24.0 Ireland 10.8 24.0 Italy 17.5 12.2 Netherlands 9.8 8.2 Portugal 14.8 16.0