§ Dr. CableTo ask the Secretary of State for Social Security what plans he has to update the standard interest rate used by his Department to include lenders not currently covered in the calculation. [129474]
§ Mr. BayleyThere are no plans to alter the method of calculating the Standard Interest Rate.
§ Dr. CableTo ask the Secretary of State for Social Security what plans he has to reduce the three month delay in changes in the standard interest rate used by his Department. [129450]
§ Mr. BayleyWe have no plans to change the current arrangements, which give effect to changes as quickly as is practicable. Once the information is received from the Office for National Statistics of an alteration in the interest rates, the Department immediately sets in motion the procedures, to amend the relevant computer systems, and legislation. On the last two occasions that the standard interest rate was changed, in April and June 2000, it took six working days and five working days respectively from the date the Department received notification of the change in rates, to the date that regulations were laid. Regulations are laid at least 21 days in advance of their corning into force to allow for proper Parliamentary procedures to be followed. The same timetable applies when the standard interest rate increases as when it decreases.