§ Matthew TaylorTo ask the Chancellor of the Exchequer what projected change in property prices underlies the revenue assumptions in Table C8 of the Financial Statement and Budget report 2002; and if he will make a statement. [53404]
§ Mr. Andrew SmithThe revenue forecasts in Table C8 of the FSBR are based on house price data calculated by taking the arithmetic average of the DTLR, Nationwide and Halifax indices available at the time of the Budget. Following this, house prices inflation is projected to moderate towards its long run relationship with earnings, as explained in paragraph B54 of the Financial Statement and Budget Report 2002. Forecasts for house prices are not published.