§ 15. Lieut.-Colonel APPLINasked the Minister of Health whether he will take steps to grant to borrowers under the Small Dwellings Acquisition Acts, who are still paying the old rate of interest of 5 per cent. and over, the present rate of interest of 3½ per cent., in view of the hardship inflicted on those borrowers whose incomes had been reduced proportionately by the conversion scheme which reduced interest on gilt-edged stock by 2 per cent.?
§ The PARLIAMENTARY SECRETARY to the MINISTRY of HEALTH (Mr. Shakespeare)I would refer my hon. and gallant Friend to the reply which was given to a similar question by my hon. Friend the Member for Barnstaple (Sir B. Peto) on the 25th ultimo and of which I am sending him a copy.
§ Lieut.-Colonel APPLINMay I ask whether, in view of the fact that interest has been reduced in the case of those who have loaned money to the Government, it would not be fair and equitable to reduce the rate of interest in the case of those who have borrowed money from the Government?
§ Mr. SHAKESPEAREIt would cut both ways. If a concession is made in this case, we should have to make a concession to those who are borrowing money at lower rates of interest?