HC Deb 12 December 1988 vol 143 c424W
Mrs. Ray Michie

To ask the Chancellor of the Exchequer what is the total cost to the Treasury in terms of MIRAS of a 1 per cent. increase in mortgage lending rates.

Mr. Norman Lamont

[holding answer 8 December 1988]: A one percentage point increase in gross mortgage interest rates would increase the cost of mortgage interest tax relief by about £450 million in a full year at 1988–89 levels. If other interest rates were also to change, there would be other effects on Government revenues.