§ Mr. HealdTo ask the Chancellor of the Exchequer what are the estimated reductions in weekly household income in each household income decile group which would result from the withdrawal of mortgage interest relief. [3562]
§ Dawn PrimaroloInformation for 1997–98 is given in the table. The estimates are based on information projected from the 1994–95 family expenditure survey and are therefore provisional.
Average weekly reduction in households income1 as a result of withdrawing mortgage interest relief Household income decile group Average weekly reduction for households with a mortgage £ Lowest ten per cent. 2— Second 1.30 Third 2.30 Fourth 3.70 Fifth 4.50 Sixth 4.60 Seventh 4.90 Eighth 5.00 Ninth 5.00 Highest ten per cent. 5.20 1 Household income is defined as income from all sources less income tax payments and National Insurance contributions. 2 Insufficient data to provide a reliable estimate.