§ 28. Mr. BurnsTo ask the Secretary of State for Scotland what assessment he has made of the impact of interest rate changes since October 1990 on the performance of industry and commerce in Scotland; and if he will make a statement.
§ Mr. StewartThe Treasury estimates that in the United Kingdom as a whole the reductions in interest rates since October 1990 are worth over £13 billion a year off companies' interest payments, when fully passed through.
Given Scotland's share of the number of registered companies, this suggests that the reduction in Scottish companies' interest payments is worth over £700 million a year.