§ Mr. Malcolm Bruce
To ask the Chancellor of the Exchequer what is the present annual cost to the Exchequer of mortgage interest tax relief at source. 
§ Mr. Jack
[holding answer 26 March 1996]: In 1995–96, the estimated total cost of mortgage interest relief is about £2.7 billion, of which £2.6 billion is given through the MIRAS—mortgage interest relief at source—scheme.
These figures are based on the assumption, by convention, of no change from the current estimated average building society interest rate of 7.3 per cent. The rate of relief is 15 per cent.