§ Mr. Watkinsonasked the Chancellor of the Exchequer if, from international sources available to him, he can indicate what level the equivalent of MLR stands 590W in each of the group of 10 countries; and what were those interest rates six months and 12 months ago.
§ Mr. Denzil DaviesIt is not possible to identify an exact equivalent of MLR in other countries. The following table shows official discount rates for other countries, together with MLR for the United Kingdom:
21st January 1976 21st July 1976 21st January 1977 United Kingdom … 10.75 11.5 13.25 United States … 5.5 5.5 5.25 Japan … 6.5 6.5 6.5 Canada … 9.0 9.5 8.5 France … 8.0 8.0 10.5 Italy … 6.0 12.0 15.0 Germany … 3.5 3.5 3.5 Netherlands … 4.5 5.0 5.0 Belgium … 6.0 7.0 8.0 Sweden … 6.0 6.0 8.0