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Mortgage Interest Payments

Part of Orders of the Day — Finance Bill – in the House of Commons at 6:45 pm on 15th July 1997.

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Photo of Mr Dale Campbell-Savours Mr Dale Campbell-Savours Labour, Workington 6:45 pm, 15th July 1997

I must press the hon. Gentleman on this important point. The Conservative Government announced the change in 1993, when, according to the Library, interest rates were 5.5 per cent. When the measure was introduced in 1995, interest rates were 6.75 per cent. In other words, the measure was introduced when interest rates were increasing, yet the hon. Gentleman pleads that we defer until interest rates go down.