The Rt. Hon. Sir John Major KG CH

Prime Minister of Great Britain and Northern Ireland 1990-1997

Chief Secretary (1987-1989)

Mr Major’s Written Parliamentary Answer on Interest Rates – 26 January 1989

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Below is the text of Mr Major’s written Parliamentary Answer on Interest Rates on 26th January 1989.

Mr. Patchett To ask the Chancellor of the Exchequer what is his estimate of the extra borrowing costs to industry incurred by a rise of 1 per cent. in interest rates.

Mr. Morley To ask the Chancellor of the Exchequer what is his estimate of the extra borrowing costs to industry incurred by a rise of 1 per cent. in interest rates.

Mr. Major The cost to industrial and commercial companies of a one percentage point rise in United Kingdom short-term interest rates maintained for a full year is estimated to be about £400 million.