40. Mrs. WARDasked the Minister of Health whether his attention has been called to the decision of the principal 1841 London building societies to reduce their rate of interest to purchasers for their own occupation to½ per cent.; and whether his Department have formed any estimate of the effect, if any, this decision will have upon advances made by a building society under Section 2 of the Housing (Financial Provisions) Act, 1933?
§ The PARLIAMENTARY SECRETARY to the MINISTRY of HEALTH (Mr. Shakespeare)Yes, Sir. In accordance with the agreement made between representatives of the building societies and my right hon. Friend, the rate of interest on advances made under the Act my hon. Friend mentions should in the area covered be in future no more than 4 per cent. and may be 3½ per cent.