§ Mr. Casale
When my right hon. Friend does come to Wimbledon, he will discover that low interest rates are one of the achievements that my constituents most identify with a Labour Government. Home owners are now paying less than £700 a month for an average mortgage, compared with more than £760 a month in 1992 under the Tories. Will he assure the House and my constituents that he will continue with his Government's policies to set a course for economic stability? Nobody in Wimbledon wants to go back to the high and fluctuating interest rates, negative equity and house repossessions that were the legacy of Tory boom and bust. [Interruption.]
§ The Prime Minister
Conservative Members seem to think that my hon. Friend's constituents will not be interested in economic stability or low interest rates. I think they will find that they are rather wrong. Of course, the importance of low mortgage rates is that there is nothing better for hard-working families who are pressed to make ends meet than being able to rely on low rates and thus on lower mortgage payments. On average, they are running about £1,000 a year less under this Government than they were when the Conservative party was in government. People remember the days of interest rates at 15 per cent., negative equity, repossession and boom and bust, and they never want to go back to them.