HC Deb 12 November 1991 vol 198 cc503-4W
Mr. Austin Mitchell

To ask the Chancellor of the Exchequer what is the long-term objective of the Government's economic policies.

Mr. Maples

The Government's central objective is to create the basis for improved living standards and public services by promoting sustainable, non-inflationary economic growth.

Mr. Austin Mitchell

To ask the Chancellor of the Exchequer whether he will bring up to date the information given in his written answer of 20 February 1990,Official Report, column 696, concerning the amount of mortgage interest payable each year as a percentage of (a) disposable income and (b) consumers' expenditure; and if he will (c) add figures (i) for the percentage of gross domestic product and (ii) the years 1970–78.

Mr. Mellor

The latest estimates are as follows:

Mortgage interest payable as a percentage of
Personal disposable income Consumers' expenditure Gross domestic product
(a) (b) (c)
1970 2.6 2.8 2.1
1971 2.7 2.9 2.1
1972 2.7 2.9 2.1
1973 3.2 3.6 2.5
1974 3.7 4.1 2.9
1975 3.4 3.8 2.6
1976 3.4 3.8 2.6
1977 3.5 3.8 2.6
1978 3.0 3.3 2.3
1979 3.5 4.0 2.8
1980 4.4 5.1 3.5
1981 4.5 5.1 3.6
1982 4.8 5.4 3.8
1983 4.5 5.0 3.6
1984 5.3 5.9 4.2
1985 6.6 7.3 5.2
1986 6.4 7.0 5.2
1987 6.8 7.3 5.4
1988 7.2 7.6 5.7
1989 9.4 10.2 7.6
11990 10.6 11.7 8.6
1 Figures affected by introduction of the community charge in England and Wales.

In the first half of 1991 mortgage interest accounted for 10.0 per cent. of disposable income and for 11.5 per cent. of consumers' expenditure. It is not possible to give the corresponding percentage of GDP because the interest figures are not available in seasonally adjusted form whereas money GDP exists as a seasonally adjusted series only.