HC Deb 21 November 1973 vol 864 cc442-3W
Mr. Russell Johnston

asked the Chancellor of the Exchequer (1) what is the latest estimate for the cost of tax relief on mortgage interest in England and Wales for 1972–73; and what is the average mortgage interest rate for the period to which the cost of tax refers;

(2) what is the latest estimate of the cost of tax relief on mortgage interest for 1972–73; and what is the average mortgage interest rate for the period to which the cost of tax refers.

Mr. Nott

Estimates of the cost of tax relief on mortgage interest payments for 1972–73 are as follows:

£ million
England and Wales 373
Scotland 13
Northern Ireland 4
United Kingdom 390
The average rate of interest on all mortgages is not known; the average rate received by building societies on mortgage advances was about 8¼ per cent. Information for separate countries is not available.