§ 34. Mr. T. WILLIAMSasked the Chancellor of the Exchequer whether, in view of the success of recent conversion operations and the altered circumstances due to the commodity price level, the Government will take action, by amending the Building Societies Acts or otherwise, to reduce interest charges on present and future mortgages and loans by building societies?
§ The FINANCIAL SECRETARY to the TREASURY (Mr. Hore-Belisha)I understand that the building societies in general have decided to reduce their interest charges on new mortgages effected since a given date. The position in regard to existing mortgages is, of course, different, and must depend on the terms of each particular contract and is not one in which action by the Government could be justified.
§ Mr. WILLIAMSIs the hon. Gentleman not aware that tens of thousands of artisans who purchased their houses through building societies when wages were more reasonable find it well nigh impossible, in the altered circumstances, to meet their obligations? Does he not think that the Government, if it will not take direct action, might influence building societies to alleviate the burden on these people?
§ Mr. HORE-BELISHAI can only repeat that it would not be proper for the Government to intervene between contractors. My hon. Friend asks the Government to intervene, and I say that that would not be proper.
§ Mr. WILLIAMSDoes the hon. Gentleman not think that, after the success of the recent Conversion Loan, the case of the house purchaser might be taken 342 into consideration, and will be not invite the Chancellor of the Exchequer to try to influence the building societies?