§ Sir George YoungTo ask the Secretary of State for the Environment what is the current standard national interesl: rate as defined in the Housing Act 1985, schedule 16(2); what were the monthly averages for(a) base rate, (b) average building society rate of interest and (c) standard national rate from the start date of the Housing Act 1985; and how he calculates the standard national interest rate.
§ Mr. TrippierThe current standard national rate. introduced on 6 February 1989, is 13.5 per cent. The standard national rate is calculated taking into account. interest rates charged by building societies in the United Kingdom and any movement in those rates.
The monthly averages requested are as follows:
667W
Base rates Selected retail banks Average Building society rate of interest Standard National rate of interest 1986 April 10.5 12.16 12.65 May 10.0 12.04 12.00 June 10.0 11.06 11.00 July 10.0 11.04 11.00 August 10.0 11.04 11.00 September 10.0 11.04 11.00 October 11.0 11.04 11.00 November 11.0 12.28 11.00
Base rates Selected retail banks Average Building society rate of interest Standard National rate of interest December 11.0 12.32 12.30 1987 January 11.0 12.32 12.30 February 11.0 12.32 12.30 March 10.0 12.32 12.30 April 9.5 12.31 12.30 May 9.0 11.47 11.25 June 9.0 11.28 11.25 July 9.0 11.27 11.25 August 10.0 11.27 11.25 September 10.0 11.28 11.25 October 9.5 11.28 11.25 November 9.0 11.27 11.25 December 8.5 10.34 11.25 1988 January 8.5 10.27 10.25 February 9.0 10.26 10.25 March 8.5 10.26 10.25 April 8.0 10.26 10.25 May 7.5 9.84 10.25 June 9.5 9.78 9.75 July 10.5 9.78 9.75 August 12.0 11.45 10.34 September 12.0 11.54 11.50 October 12.0 12.70 11.98 November 13.0 12.71 12.75 December n/a 12.75 12.75 Sources:
Base rates—"Financial Statistics", table 13.10 (rate at end of period).
Building Society rates—"Financial Statistics", table 13.12. Standard National rate—Department of the Environment.