§ Mr. Craigenasked the Chancellor of the Exchequer what he estimates will be the saving in tax relief over a 12-month period from the 1 per cent. reduction in the mortgage interest rate.
§ Mr. Robert Sheldon, pursuant to his reply [Official Report, 21st April 1977; Vol. 930, c. 140–1], gave the following information:
Estimates for 1977–78 of the saving in tax relief resulting from the one percentage point reduction in mortgage interest rates are not yet available. However, had mortgage interest rates during 1976–77 been one percentage point lower the saving in tax relief would have been about £85 million.