§ Mr. Harry GreenwayTo ask the Chancellor of the Exchequer what are current interest rates; what was the average for the period February 1974 to May 1979 and May 1979 to date; and if he will make a statement. [1489]
§ Mrs. Angela Knight[holding answer 23 November 1995]: The rate, measured by the clearing banks' base rate, is currently 6.75 per cent.
The average interest rate, represented by the Bank of England's minimum lending rate, between February 1974 and May 1979 was 10.53 per cent. From May 1979 to date minimum lending rate—or clearing bank base rate in periods when MLR was not posted—has averaged 10.92 per cent.
The rates for recent periods can be found in table 7.1J of the CSO's "Financial Statistics", a copy of which is in the Members' Library.