Written question asked by Peter Fry (Conservative), in the House of Commons. It was due for an answer on Friday, 31 January 1997. It was answered by Roger Evans (Conservative) on Friday, 31 January 1997 on behalf of the Department of Social Security.

Dept of Social Security

Question: When he expects the standard interest rate upon which help with interest payments for mortgages are made to those on income support will be increased. - Inc figs.

Answer: Sir Peter Fry: To ask the Secretary of State for Social Security when he expects the standard interest rate upon which help with interest payments for mortgages are made to those on income support will be increased. [13833] Mr. Roger Evans: The standard rate of interest used to calculate payments of income support mortgage interest-- currently 6.89 per cent.--is based on the weighted average rate provided by the top building societies. It is calculated and published monthly by the Office for National Statistics. Any movement in the rate of ×0.25 per cent. will trigger a change in the standard interest rate. We expect recent rises in interest rates to be reflected in the weighted average rate shortly but cannot predict exactly when this will trigger an increase in the standard interest rate.

Secondary information