§ Mr. ShawTo ask the Secretary of State for Social Security what plans he has to raise the standard interest rate applicable to benefits in relation to mortgage payments. [104070]
§ Mr. BayleyThe Standard Interest Rate is based on the weighted average of basic rates charged by the main building societies. It currently stands at 6.66 per cent. and will change only if there is an increase or decrease in this figure of 0.25 per cent. or more. The average figure is calculated by The Building Societies Commission and notified to the Department of Social Security by the Office for National Statistics.