| Previous Section | Home Page |
(a) the Department has purchased 53 houses in the Yorkshire and Humberside since 1 April 1988. Additionally 15 flats have been purchased.
(b) the total cost of purchases is £8,074,299 for houses and £388, 640 for flats.
(c) five houses have been purchased which were not ultimately needed for road schemes at a cost of £722,500. After a period of leasing they were sold for £599,000.
(d) total receipts from selling properties surplus to requirements is £1,007,000. This includes 11 properties purchased prior to 1 April and subsequently sold for £408,000.
Column 419
Departmental Units
Mrs. Dunwoody : To ask the Secretary of State for Transport if he will list by grade for each of the last five years the number of substantive staff employed by the (a) Marine Pollution Unit, (b) Marine Accident Investigation Branch and (c) Air Accident Investigation Branch.
Column 420
Mr. Norris : The figures requested are given in the table.
Column 419
|1989 |1990 |1991 |1992 |1993
--------------------------------------------------------------------------------------
Marine Pollution Control Unit:
Grade 4 |1 |1 |1 |1 |1
Grade 6 |1 |1 |1 |1 |1
Grade 7 |2 |2 |1 |1 |1
PSO |- |- |1 |1 |1
SEO |- |- |1 |1 |1
SSO |1 |1 |1 |1 |1
HEO |2 |2 |2 |2 |2
EO |2 |2 |2 |2 |2
AO |2 |2 |2 |2 |1
AA |1 |1 |- |- |-
Total |-------|-------|-------|-------|-------
|12 |12 |12 |12 |11
Marine Accident Investigation Branch:
Grade 5 |1 |1 |1 |1 |1
Grade 6 |1 |1 |1 |1 |1
Grade 7 |4 |4 |4 |4 |4
Surveyor<1> |4 |6 |6 |6 |6
HEO |1 |1 |1 |1 |1
EO |1 |2 |2 |2 |2
AO |1 |2 |2 |2 |2
AA |1 |2 |2 |2 |2
PS |1 |1 |1 |1 |1
Div Sec |- |1 |1 |1 |1
Total |-------|-------|-------|-------|-------
|15 |21 |21 |21 |21
Air Accidents Investigation Branch:
Grade 4 |1 |1 |1 |1 |1
Grade 5 |1 |1 |1 |1 |1
Grade 6 |4 |4 |4 |4 |4
Grade 7 |23 |23 |23 |24 |24
HEO |1 |1 |1 |1 |1
HPTO |- |- |- |- |1
EO |2 |2 |2 |2 |2
AO |3 |3 |3 |3 |4
AA |1 |1 |1 |- |-
PS |2 |2 |2 |2 |2
TYP |2 |2 |2 |2 |2
SGB 1 |1 |1 |1 |2 |2
P&G (E)<1> |- |- |- |- |1
EX WKR<2> |1 |1 |1 |1 |-
Total |-------|-------|-------|-------|-------
|42 |42 |42 |43 |45
<1> Progress and general supervisory grade
<2> Experimental worker
Mrs. Dunwoody : To ask the Secretary of State for Transport if he will list by grade for each of the last five years the number of substantive staff employed by the (a) Marine Pollution Unit, (b) Marine Accident Investigations Branch and (c) Air Accident Investigation Branch.
Mr. Norris : The figures requested are as follows :
|1994-95|1993-94
|(£000) |(£000)
-------------------------------------------------------------
The Coastguard Agency |24,530 |23,884
Marine Accident Investigation Branch |839 |846
Air Accidents Investigation Branch |2,852 |2,882
Column 420
Track and Signalling
Mr. Bayley : To ask the Secretary of State for Transport how much Railtrack will invest in (a) track and signalling maintenance and repair and (b) track and signalling renewal and new-build schemes in 1994-95.
Mr. Watts : Railtrack estimates that it will spend some £750 million on the maintenance and repair of track and signalling and associated structures in 1994-95. Separate figures for signalling renewal and new-build schemes are not available.
Column 421
Rail Fares
Mr. Bayley : To ask the Secretary of State for Transport (1) what was the cost of a full fare (a) first and (b) second or standard class return British Rail ticket from York to King's Cross in 1979 and in each year since then (i) in cash terms and (ii) at constant 1994 prices ;
(2) what was the average cost per mile of full fare (a) first and (b) second or standard class travel on British Rail in 1979 and in each year since then (i) in cash terms and (ii) at constant 1994 prices.
Mr. Watts : I will write to the hon. Member with the information requested and place a copy in the Library.
Rail Strike (Costs)
Mr. Gordon Prentice : To ask the Secretary of State for Transport what has been the estimated cost to Railtrack to date of the signal staffs dispute.
Column 422
Mr. Watts : Railtrack estimates that it has lost up to £6 million per day in access charges for each one-day strike, depending on the number of services which can run.
London Transport
Mr. Keith Hill : To ask the Secretary of State for Transport if he will set out the total investment and planned investment by London Transport and the amount spent on (a) London Underground core business, (b) London Buses, (c) tendered bus division, (d) Docklands light railway, (e) new lines and extensions and (f) other, in each year between 1978 and 1996- 97 at both cash prices and 1993-94 prices.
Mr. Norris : The information requested is as follows :
Column 421
£ million
Year |LU Core |L Buses |TBD |DLR |New lines|Other |Total
--------------------------------------------------------------------------------------------
Cash prices
1978 |43 |17 |- |- |- |6 |66
1979 |60 |32 |- |- |- |8 |100
1980 |78 |45 |- |- |- |- |123
1981 |91 |56 |- |- |- |- |147
1982 |82 |45 |- |- |- |- |127
1983 |110 |58 |- |- |- |- |168
1984-85 |147 |60 |- |33 |- |- |240
1985-86 |143 |40 |- |33 |- |18 |234
1986-87 |171 |36 |- |16 |- |18 |241
1987-88 |206 |20 |- |61 |- |7 |294
1988-89 |200 |25 |1 |51 |6 |29 |312
1989-90 |294 |28 |1 |93 |13 |14 |443
1990-91 |414 |28 |1 |139 |45 |7 |634
1991-92 |298 |38 |1 |162 |71 |12 |582
1992-93 |632 |46 |1 |- |96 |14 |789
1993-94 |484 |21 |- |- |301 |15 |821
1994-95 |435 |20 |- |- |537 |11 |1,003
1995-96 |512 |25 |- |- |472 |13 |1,022
1996-97 |659 |15 |- |- |409 |6 |1,089
At 1993-94 prices:
1978 |123 |49 |- |- |- |17 |183
1979 |147 |79 |- |- |- |20 |246
1980 |162 |93 |- |- |- |- |255
1981 |172 |106 |- |- |- |- |278
1982 |145 |79 |- |- |- |- |224
1983 |186 |98 |- |- |- |- |284
1984-85 |188 |69 |- |53 |- |- |310
1985-86 |236 |96 |- |50 |- |27 |409
1986-87 |253 |53 |- |24 |- |27 |357
1987-88 |290 |28 |- |86 |- |10 |414
1988-89 |263 |36 |1 |67 |8 |38 |413
1989-90 |362 |34 |1 |114 |16 |17 |544
1990-91 |472 |32 |1 |158 |51 |8 |722
1991-92 |319 |41 |1 |174 |76 |13 |624
1992-93 |652 |47 |1 |- |99 |14 |813
1993-94 |484 |21 |- |- |301 |15 |821
1994-95 |418 |19 |- |- |516 |10 |963
1995-96 |474 |23 |- |- |437 |12 |946
1996-97 |596 |13 |- |- |370 |5 |984
Notes:
1. Figures for years up to 1993-94 are from London Transport Annual Reports. 1984-95
comprised 15 months.
2. 1991-92 was the last year in which LT were responsible for the Docklands Light Railway:
this is now the responsibility of the London Docklands
Development Corporation.
3. Figures for 1994-95 are LT's forecasts in their Budget for the year. In favourable
circumstances, higher proceeds from the sale of LBL subsidiaries
will allow a higher level of core business investment than shown here.
4. Figures for 1995-96 and 1996-97 are based on LT's plans following the Unified Budget,
1993. The amount of investment spend possible in these
years and its allocation between headings within the core business are only indicative at
this stage.
Column 423
Railway Platforms (Tactile Edging)
Mr. Wigley : To ask the Secretary of State for Transport if he will make representations to British Rail to secure that tactile edging is placed on all railway platforms in the United Kingdom.
Mr. Watts : The Health and Safety Executive has consulted on revised "Railway Construction and Operational Requirements" to be published by the end of this year, which propose that platforms on new or rebuilt stations must have a tactile surface to indicate the edge to blind and partially sighted people, and that edges should be clearly defined with a strip of a lighter colour.
The Rail Regulator is proposing a similar recommendation in his code of practice to protect the interests of disabled passengers.
Hall Sands (Barge)
Mr. Steen : To ask the Secretary of State for Transport if he will reimburse South Hams district council for the cost entailed in removing from the beach at Hall sands the barge formerly scuttled off Hall sands which was towed to the beach on the instructions of his Department.
Mr. Norris [holding answer 19 July 1994] : The Department required the removal of this barge from a reef off the beach because it was a danger to navigation. The present owners, not the Department, decided to take the barge to the beach. Financial responsibility for the district council's costs is a matter between the council and the owners.
Railtrack
Mr. Wilson : To ask the Secretary of State for Transport if he will publish the powers and duties of Railtrack ; and if he will place a copy in the Library.
Mr. Watts [holding answer 20 July 1994] : These documents are already available for inspection at Companies House. I am arranging for a copy to be placed additionally in the Library.
Traffic Cones
Mr. Donohoe : To ask the Secretary of State for Transport (1) if he will make a statement on the number of calls received by the cones enquiry line in each month since it was established ;
(2) what measures his Department has taken to publicise the services offered by the cones enquiry line ;
(3) how much the cones enquiry line has cost to administer and publicise in each financial year since its establishment ; how much it is estimated that the cones enquiry line will cost to publicise and administer in the current financial year ; and if he will make a statement ;
(4) how many traffic cones have been (a) placed on and (b) removed from the road network under the direct authority of his Department during the period that the cones enquiry line has been in operation ;
(5) how much his Department has spent on (a) traffic cones and (b) road signs during the last year ; and how many (i) traffic cones and (ii) road signs have been purchased during this period ;
(6) what assessment his Department has made of the inquiries made to the cones enquiry line ;
Column 424
(7) how many cones have been removed from the roads network as a result of complaints lodged with the cones enquiry line ; (8) what constitutes a cone for the purpose of an inquiry to the cones enquiry line.Mr. Norris [holding answer 20 July 1994] : As these are now operational matters for the Highways Agency, the chief executive has written to the hon. Member.
Letter from Laurie Haynes to Mr. Brian Donohoe, dated 20 July 1994 :
You asked the Secretary of State for Transport for information on the Cones Hotline. As this is now an operational matter for the Highways Agency, I am replying to your questions.
1. To ask the Secretary of State for Transport, if he will make a statement on the number of calls received by the Cones Enquiry Line in each month since it was established.
The number of calls received on the Cones Hotline from the date of its inception to 8 July 1994 was 6,347. The figures have not been recorded in monthly form but 6,167 of the total have been received since mid-December 1993 when the road signs were introduced. This means that the average number of calls received per month is 880. 2. To ask the Secretary of State for Transport, what measures his Department has taken to publicise the services offered by the Cones Enquiry Line.
The Hotline number is displayed on signs which appear at the end of all major maintenance works. It appears in the Highways Agency's general information brochure and in its Road User's Charter. It is also registered with Directory Enquiries and with AA Roadwatch and RAC Roadata.
3. To ask the Secretary of State for Transport, how much the Cones Enquiry Line has cost to administer and publicise in each financial year since its establishment ; how much it is estimated that the Cones Enquiry Line will cost to publicise and administer in the current financial year ; and if he will make a statement. Since the beginning of the current financial year the cost of the dedicated telephone line has been about £450 per month, including call charges. The Hotline previously operated on the Department's general switchboard. There have been no other separately identifiable costs, either in previous years or in the current year, because the Hotline has operated within running cost structures agreed before its inception. No staff are employed exclusively on Hotline activity. There is no advertising or publicity budget for the Hotline. 4. To ask the Secretary of State for Transport, how many traffic cones have been (a) placed on and (b) removed from the road network under the direct authority of his Department during the period that the Cones Enquiry Line has been in operation. The placement and removal of traffic cones is a matter for contractors or their traffic management sub-contractors. While they must follow traffic management and safety guidelines in laying out cones, they are not asked to provide figures on the number placed or removed.
5. To ask the Secretary of State for Transport, how much his Department has spent on (a) traffic cones and (b) road signs during the year ; and how many (i) traffic cones and (ii) road signs have been purchased during this period.
Neither the Department nor the Agency buys traffic cones. They are purchased by and are the property of contractors or their traffic management sub-contractors. As with road signs their provision is included in the cost of contracts. There are no separately identifiable figures for the cost of cones and signs or the numbers provided of each.
6. To ask the Secretary of State for Transport, what assessment his Department has made of the enquiries made to the Cones Enquiry Line. Enquiries are assessed as they are received. As many calls as possible are dealt with immediately ; formal complaints or observations are referred to the regional offices for further investigation. The Hotline operator will make special enquiries whenever a number of calls are received in respect of the same location or roadwork site.
7. To ask the Secretary of State for Transport, how many cones have been removed from the roads network as a result of complaints lodged with the Cones Enquiry Line.
Column 425
Cones in place at three different sites have been removed as a direct result of enquiries made to the Cones Hotline. The appropriate contractors were instructed to remove the cones but no count of the precise number involved was necessary.8. To ask the Secretary of State for Transport, what constitutes a cone for the purpose of an enquiry to the Cones Enquiry Line. The Cones Hotline will respond to any call related to delay arising from roadworks on the motorway and trunk road network.
I hope this information is helpful.
Vehicle Inspectorate
Mr. Donohoe : To ask the Secretary of State for Transport what assessment the vehicle inspectorate has made of the impact of the changes contained in the Contracting Out and Deregulation Bill on its existing operation ; and how the vehicle inspectorate intends responding to this legislative change in operational terms.
Mr. Norris [holding answer 20 July 1994] : Discussions are taking place with the vehicle inspectorate about the implications for them of the proposed new legislation. Nothing in the Bill, would affect the inspectorate's role enforcing roadworthiness and traffic regulations. Nor would there be any change in their role of advising the traffic commissioners about operators.
Marine Conservation
Ms Walley : To ask the Secretary of State for Transport what input his Department will have in respect of the selection and designation of marine special protection areas and special areas of conservation ; and if he will make a statement.
Mr. Norris : The nature conservation agencies through the Joint Nature Conservation Committee, will be advising the Government on which areas may be considered for designation as special areas of conservation. The Department of Transport, together with other Departments, will be fully involved in discussing these proposals prior to public consultation. Work to identify special protection areas has been going on for some time. The Department of Transport will be consulted before any areas are designated.
Conservation Areas
Ms Walley : To ask the Secretary of State for Transport what proposals he has under the EC habitats directive to ensure control and development in SACs and SPAs.
Mr. Norris : Special areas of conservation and special protection areas will be protected under the regulations to implement the habitats directive which are currently awaiting parliamentary approval. These regulations apply to aspects of development control which come within the responsibility of my Department.
TREASURY
Company Cars
Mr. Burns : To ask the Chancellor of the Exchequer what is the practice of the Inland Revenue on the tax treatment of the offer of a cash alternative to a company car.
Column 426
Mr. Kenneth Clarke : Where an employee has a company car available for private use he or she is usually taxed on the benefit of the car. The employer pays class 1A national insurance contributions on the benefit.
However, a judgment by the House of Lords in 1969 means that in some circumstances, where the benefit of a car is freely convertible into cash, the benefit is taxable under the general income tax rules rather than the special provisions for company cars. In these special circumstances the employee pays tax on the cash which he or she could get, and the employer does not pay national insurance contributions. Some employers are making arrangements designed specifically to bring company cars within the terms of this judgment to avoid class 1A NICs and, in some cases, give a lower tax charge.
In order to remove further uncertainty and to prevent loss of revenues to the Exchequer and national insurance fund we intend to propose legislation in the next Finance Bill. The proposed legislation will ensure that where a car would otherwise be within the special income tax rules for company cars, and an alternative to the benefit of that car is offered, the mere fact that the alternative is offered will not make the benefit of the car chargeable to tax under the general income tax rules. The employee will then pay tax on what they actually get--car or cash. Employers will pay national insurance contributions as appropriate--class 1A on the benefit of a car or class 1 on cash.
We intend that this provision should apply from 6 April 1995.
Private Finance Panel
Mr. Burns : To ask the Chancellor of the Exchequer if he will make a statement about the provision of grant in aid to the private finance panel.
Mr. Kenneth Clarke : I propose to make available to the private finance panel a grant-in-aid of £260,000 in 1994-95. This will represent a Government contribution towards the administrative costs of the panel. Parliamentary approval for this new service will be sought in a winter supplementary estimate for Her Majesty's Treasury's vote, class XVII, vote 1. Pending that approval, urgent expenditure, estimated at up to £150,000 will be met by repayable advances from the contingencies fund. The grant-in-aid will be met from existing provision on the vote and will not, therefore, add to the planned total of public expenditure.
Redundant Factories (Social Housing)
Mr. Burns : To ask the Chancellor of the Exchequer if he will review the VAT rules under which tax is currently charged when redundant factories are converted into social housing ; and if he will make a statement.
Mr. Kenneth Clarke : I am pleased to announce that today Customs have published draft legislation which, subject to the approval of the House, will enable such conversions to be free of VAT. Customs have also announced that by concession the change will be operative from today. The result will be that the sale of any dwelling that is created by the conversion of a non-domestic building will be free of VAT. The relief will also apply to DIY builders who, for example, convert redundant barns into dwelling.
Column 427
Additionally the proposed draft legislation amends the list of items installed in new dwellings on which input tax cannot be reclaimed. This relaxation will also operate from today by concession.These two measures will result in approximately £20 million per annum being injected into the house building industry in terms of VAT revenue forgone. The proposed legislation will also simplify the application of a complex part of the VAT legislation, remove ambiguities and clarify the existing law.
A copy of the proposed legislation has been deposited in the Library.
VAT
Mr. Burns : To ask the Chancellor of the Exchequer when a fresh Treasury order will be laid before the House to update the payments-on- account scheme for VAT.
Mr. Kenneth Clarke : The current annual cycle for the payments on account scheme runs from October to September. To avoid the timing difficulties caused by the move to a November Budget the scheme year will be realigned with the fiscal year to run from April to March. The current scheme, which was intended to last for one year, will continue to the end of March 1995. The current VAT Payments on Account Order 1993 will therefore be replaced in time for the annual cycle beginning in April 1995.
This will mean that some businesses may be kept in the scheme for six months longer than expected, but the provisions for having payments reduced and for leaving the scheme where annual liability falls below £1.6 million will still apply in appropriate cases. When the current order is replaced it will be amended to provide for automatic rolling forward of the scheme year in future without the need for a fresh statutory instrument.
Customs will conduct a review of the operation of the scheme. A consultation paper will be issued and all interested parties, including businesses in the scheme, will be offered the chance to participate in the consultation process.
The consultation paper will aim to address the concerns expressed by businesses about the scheme and to consider the scope for greater flexibility in its operation.
Valuation Office
Mr. Burns : To ask the Chancellor of the Exchequer when the three- year review of the Valuation Office agency will commence.
Mr. Kenneth Clarke : A review of the agency status of the Valuation Office is to commence on 1 August 1994. As
Column 428
a next steps agency the performance of the VO will be evaluated and its activities will be subjected to the normal prior options tests set out in the 1993 "Next Steps Review" (Cm 2430).Comments and contributions from those with an interest in the VO and its work would be welcome and should be sent by 30 September 1994 to Mr. Brian Mace, Valuation Office Review, Inland Revenue, Room 223, South west wing, Bush house, Strand London WC2B 4RD.
Tax Advice
Mr. Burns : To ask the Chancellor of the Exchequer if he will update the information given in the July 1993 tax ready reckoner and tax reliefs booklet.
Mr. Kenneth Clarke : The Treasury today is publishing a booklet containing estimates of the effects of various illustrative tax changes on tax receipts in 1994-95 and 1995-96 and preliminary estimates of the costs of the main tax reliefs in 1993-94 and 1994-95. Copies are being placed in the Libraries of both Houses.
Privatised Companies (Debt)
Mr. Burns : To ask the Chancellor of the Exchequer if he will make a statement on the outcome of the sale of part of the Government's holding of privatised companies' debt.
Mr. Kenneth Clarke : I am pleased to report that the sale was successfully completed on 19 July. The Treasury accepted bids totalling £1.3 billion for the early redemption of the electricity and British Telecom bonds shown in the table.
Payment, with accrued interest, will be made to the Exchequer on 23 August 1994. The costs of the auction are expected to amount to some £0.7 million or less than 0.04 per cent. of proceeds. The proceeds will contribute towards the target of £5.5 billion privatisation proceeds for 1994-95.
In addition, Eastern Electricity bought back two bonds with face value of £118 million, with payment of £146.2 million--capital and interest--received on 29 April, and the National Grid Company exercised its pre-emption rights to repurchase two bonds with face value of £300 million, with payment of £343.4 million--capital and interest-- received on 5 July. Including these receipts, the total proceeds--capital and interest--from the sale will be some £1.8 billion.
I am satisfied that the sale has secured good value for the taxpayer.
Column 427
Outcome of the Treasury's debt sale
|Coupon |Face value |Bid |Accrued interest|Total proceeds
Issuer |Maturity date |(per cent.) |(£ million) |(£ million) |(£ million) |(£ million)
-----------------------------------------------------------------------------------------------------------------------------------------------
British Telecom |31 March 1998 |8.625 |141.4 |143.9 |6.0 |150.0
British Telecom |31 March 1999 |8.750 |154.8 |158.1 |6.5 |164.7
British Telecom |31 March 2005 |9.250 |243.6 |253.3 |9.9 |263.2
London Electricity 25 September 1999 12.661 70.0 79.5 3.6 83.2
Manweb 25 September 1999 12.661 20.0 22.6 1.0 23.6
Manweb 25 September 2008 12.365 37.0 45.6 1.9 47.5
National Power |25 March 1998 |12.035 |350.0 |379.5 |17.3 |396.8
Scottish Hydro-Electric |24 March 2005 |11.856 |116.0 |134.8 |5.7 |140.5
Seeboard 25 September 2008 12.365 54.0 66.8 2.7 69.6
|------- |------- |------- |-------
|1,186.7 |1,284.2 |54.8 |1,339.0
Column 429
Bank of England
Mr. Austin Mitchell : To ask the Chancellor of the Exchequer whether he will publish in the Official Report the losses incurred by the Bank of England since 1985 supporting (a) financial institutions and (b) manufacturing industry, the names of the borrowers and the date and path along which the loans were made and the date and form in which losses were disclosed in each case in the Bank's balance sheet ; what reason of public policy led to the making of the loans and who is carrying the losses ; and what assessment he has made of compliance with the Companies Act and rules of the regulatory agencies.
Mr. Nelson : The bank made provisions of £25 million in 1991-92 and £90 million in 1992-93, in respect of indemnities given to lenders to a number of small authorised banks. The total provision was reduced by £10 million in the year to February 1994. The background to these movements in provisions was set out in the bank's accounts for 1992-93 and 1993-94. As explained there, this support was designed to avert the possibility of widespread difficulties in the banking system and in the economy, and was successful in containing the potential problem.
In the year to February 1985, the bank made a provision of £34 million against possible losses on indemnities given in respect of the value of the loan book of Johnson Matthey Bankers, now Minories Finance Ltd. Subsequent recoveries by MFL have fully offset this provision.
The bank is not subject to the Companies Acts or to the disclosure rules of regulatory agencies, but its published accounts present fairly the state of affairs of the banking department in accordance with the Companies Act and applicable accounting standards in so far as they are appropriate to a central bank.
Mr. Austin Mitchell : To ask the Chancellor of the Exchequer what assessment he has made of the effects of publishing the minutes of his monthly meetings with the Bank of England.
Mr. Nelson : The Chancellor said in the Mansion House speech, and repeated at the Treasury and Civil Service Committee hearing, that publishing minutes was an important decision and one which made decision taking about interest rates in this country one of the most transparent in the world. A more informal debate about economic policy can take place because of the openness that surrounds discussions on monetary policy. The Chancellor said in the Mansion House speech :
"I have given today's politicians and tomorrow's politicians no choice but to pursue the path of low inflation to which we are so clearly committed".
The latest minutes of the 8 June meeting were published on 20 July.
Retail Prices Index
Mr. Austin Mitchell : To ask the Chancellor of the Exchequer if he will publish a table showing his current estimate of the effect on the retail prices index of (a) a reduction of three percentage points on mortgage interest rates and (b) on the nominal exchange rate of 10 per cent. on a trade-weighted basis.
Mr. Nelson : A reduction in mortgage interest rates of three percentage points would contribute about 1.8 percentage points to the all items retail prices index.
| Next Section
| Home Page |