HC Deb 24 July 1956 vol 557 cc209-10
47. Mr. Boardman

asked the Prime Minister if, in furtherance of his efforts to arrest the rise in the cost of living, he will follow up his talks with industrial and trade union leaders with talks with the Building Societies Association in view of a threatened further increase in interest rates to borrowers only four months after the last increase.

The Prime Minister

No, Sir; my discussions with industrial and trade union leaders have been of a general character. The hon. Gentleman's suggestion is not one which I could adopt in this context.

Mr. Boardman

Does the Prime Minister appreciate that this idea of a property-owning democracy is being strangled by these vicious demands of the building societies? Will not he take some urgent action to prevent any further addition to the already cruel burden which has been imposed upon so many young married people?

The Prime Minister

If the hon. Member will allow me to say so, that is not exactly the Question that he asked. He asked whether I would raise this question in the context of the discussions I have had. I said that I cannot do that because it does not fall within the sphere of the discussions which I have had.

Mr. Black

Is my right hon. Friend aware that in the great majority of cases the effect of the increase in the rate of interest will be to extend the period of repayment, with no alteration at all in the amount of the instalments?

Mr. J. Griffiths

Since I understand that the intention of the talks with industrialists and trade unionists was to seek their aid in fighting inflation, does not the Prime Minister think that he ought now to follow up those talks by meeting the proprietors of building societies?

The Prime Minister

The detailed question has been dealt with by the Economic Secretary. All I was dealing with was the question whether I should introduce this matter into the sphere of our talks, and my answer was "No."