20. Mr. E. P. Smithasked the Minister of Health what is his estimate of the total amount of funds in the hands of the building societies of Great Britain immediately available to finance the building 511 of new houses; and what steps he is taking to encourage the utilisation of these funds to further the erection of houses.
§ Mr. BevanAt the end of 1944 the total investments and other assets, apart from advances or. mortgages to registered building societies, was£234,000,000, but it is for the individual societies to say how far these funds are to be regarded as immediately available to finance the building of new houses. As regards the utilisation of these funds, I would refer the hon. Member to the answer I gave to the hon. and gallant Member for Aberden and Kincardine (Major Spence) on 7th February about the number of new dwelling houses which have been licensed for erection by private builders without subsidy.
§ Mr. LipsonCan the Minister say that he has no prejudice against building societies as such?
§ Mr. BevanOn the contrary, I think it will be found when the figures are published that so far from having a prejudice against private building—
§ Mr. LipsonBuilding societies.
§ Mr. Bevan—building societies merely build private buildings—the number of licences issued for private building in my view is now in excess of the labour and materials available, and building societies can take advantage of these licences when they need. The limiting factor on building today is not money but labour and materials.