§ Mr. SteinbergTo ask the Chancellor of the Exchequer if he will list the average(a) interest rates and (b) mortgage interest rates in each year since 1992. [123286]
§ Miss Melanie JohnsonThe table lists the average 2-week repo rate, 10 year UK gilt rate, and the average mortgage interest rate in each year to May since 1992.
2-week repo rate 10-year gilt rate Building society average mortgage rate Year ending May 1992 10.8 9.6 11.7 1993 8.1 8.5 9.7 1994 5.7 7.2 7.9 1995 5.9 8.5 7.8 1996 6.6 7.9 7.5 1997 5.9 7.7 6.6 1998 7.0 6.4 7.4 1999 6.7 4.9 7.4 2000 5.4 15.3 16.5 110-year gilt estimates for May 2000 year provided by Bloomberg (average of year till May 2022). Average mortgage rate includes data up till March 2000. Source:
ONS. Repo rate data provided by the Bank of England.
The figures show that by aiming to secure low inflation and sound public finances, the macroeconomic policy framework has helped keep interest rates historically low while meeting the Government's objectives of achieving high and sustainable levels of growth and employment.