HC Deb 10 May 2000 vol 349 cc417-9W
Mr. Willetts

To ask the Secretary of State for Social Security what have been since 1992 the rates of(a) income support for mortgage interest and (b) the bank base rate. [120380]

Mr. Bayley

From April 1992 until October 1995, the amount included for mortgage interest within the Income Support assessment for mortgage interest was determined by the actual interest rate charged by each claimant's lender. Since October 1995, the amount of Income Support allowed for mortgage interest has been determined by use of a Standard Interest Rate, limited by a maximum amount allowable. There are transitional arrangements applicable to people who were receiving help with mortgage interest at the point of change in October 1995.

Standard interest rate changes from 1995 to date
Date in force SIR
2 October 1995 8.35
2 October 1995 8.39
21 January 1996 8.00
21 April 1996 7.74
23 June 1996 7.48
25 August 1996 7.16
15 December 1996 6.89
13 April 1997 7.20
21 September 1997 7.57
23 November 1997 7.97
24 May 1998 8.34
20 December 1998 8.65
21 February 1999 8.24
21 March 1999 7.75
18 April 1999 7.39
9 May 1999 7.08
20 June 1999 6.66
16 April 2000 6.92

Bank base rate from 1992 to date
year/month Base rate (percentage)
1992
5 May 10.00
16 September 12.00
17 September 10.00
22 September 9.00
16 October 8.00
13 November 7.00
1993
26 January 6.00
23 November 5.50
1994
8 February 5.25
12 September 5.75
7 December 6.25
1995
2 February 6.75
13 December 6.50
1996
18 January 6.25
8 March 6.00
6 June 5.75
30 October 6.00
1997
6 May 6.25
6 June 6.50
10 July 6.75
7 August 7.00
6 November 7.25
1998
4 June 7.50
8 October 7.25
5 November 6.75
10 December 6.25
1999
7 January 6.00
4 February 5.50
8 April 5.25

Bank base rate from 1992 to date
Year/month Base rate (percentage)
10 June 5.00
8 September 5.25
4 November 5.50
2000
13 January 5.75
10 February 6.00

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