HC Deb 20 June 2002 vol 387 c462W
Matthew Taylor

To ask the Chancellor of the Exchequer what his estimate is of the annual savings to the Exchequer which would result from lower debt interest costs if United Kingdom interest rates were(a) 0.5 per cent., (b) 0.75 per cent., (c) 1 per cent., (d) 2 per cent. and (e) 3 per cent. lower across the yield curve for (i) 2001–02, (ii) 2002–03, (iii) 2003–4, (iv) 2004–05, (v) 2005–06 and (vi) 2006–07. [63210]

Ruth Kelly

Each percentage point reduction, across all years, in short and long term interest rates, would lead to savings in debt interest payments of approximately £0.6 billion in 2002–03 and £0.8 billion in 2003–04. No projections have been published for years beyond 2003–04.