§ Mr. RedmondTo ask the Chancellor of the Exchequer if he will list the changes in(a) bank rate and (b) rate of interest paid on premium bonds, since 1 January 1987.
§ Mr. NelsonThe information is as follows:
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(a) Changes in bank base rates Bank base rates1 1987 March 9 10.5 March 18 10.0 April 28 9.-5 May 8 9.0 August 6 10.0 October 26 9.5 November 4 9.0 December 3 8.5 1988 February 1 9.0 March 17 8.5 April 8 8.0 May 17 7.5 June 2 8.0 June 6 8.5 June 22 9.0 June 28 9.5 July 4 10.0 July 18 10.5 August 8 11.0 August 25 12.0 November 25 13.0 1989 May 24 14.0 October 5 15.0 1990 October 8 14.0 1991 February 13 13.5 February 27 13.0 March 22 12.5
Bank base rates1 April 12 12.0 May 24 11.5 July 12 11.0 September 4 10.5 1992 May 5 10.0 September 16 212.0 September 17 10.0 September 22 9.0 October 16 8.0 November 13 37.0 1 Date shown when Bank of England changed dealing rates. Base rates generally moved on next working day. 2 MLR of 15 per cent, announced 16 September to apply 17 September but not implemented. 3 MLR of 7 per cent, announced in Autumn Statement on 12 November to apply 13 November.
(b) Changes in underlying rate of interest which determines the size of the premium bond prize fund Per cent. 1 August 1987 7.0 1 July 1988 6.5 12 November 19921 5.0 1 Will take effect from 1 March 1993.