§ Mr. Austin Mitchell
To ask the Chancellor of the Exchequer whether he will publish in theOfficial Report a table showing for each year since 1978 the weight of mortgage interest in the retail prices index, together with the implied total payable by householders to mortgagees.
§ Mr. Lilley
The weights for mortgage interest payments in the general index of retail prices, expressed as parts per thousand, have been as follows. The fall between 1986 and 1987 is partly a reflection of a change in methodology recommended by the RPI advisory committee.
Weight 1978 23 1979 31 1980 38 1981 42 1982 41 1983 30 1984 39 1985 46 1986 54 1987 44 1988 42 1989 60
Each year's weight reflects the estimated liability of the average household covered by the index, given a standardised mortgage arrangement, the expenditure being valued at the interest rate ruling in mid-January. The figure cannot be used to calculate the actual amount payable by all households over a period.