§ Mr. MitchellTo ask the Chancellor of the Exchequer what estimate he has made of the effects of a 0.5 per cent. increase in interest and mortgage rates on(a) inflation and (b) economic growth over one year. [4275]
§ Mrs. LiddellThe effects of changes in interest rates cannot be precisely estimated. In general, increased interest rates can be expected to result in lower underlying inflation and economic growth in the following year than would have occurred otherwise.