§ Mr. P. Thorneycroft
I wish to encourage home ownership so far as I can do so within the bounds of present credit policy. The reduction in the Stamp Duty on house purchase which was announced in the last Budget is evidence of the Government's attitude in this matter.
§ Mr. Moss
Is the right hon. Gentleman aware that building societies are now having to increase rates of interest upon existing mortgages to 6 per cent. and on new mortgages to 6½ per cent.? Is he further aware that in a case well known to me a loan negotiated in 1951 at 4½ per cent. now has to bear an increase of 15 per cent. in the monthly repayments, that in addition rates increased last year by 30 per cent. and will now increase further by 2s. 6d. in the £ of rateable value?
§ Mr. Thorneycroft
As I said, I quite recognise that the credit squeeze does have an effect upon house building.
§ Mr. Iremonger
Will my right hon. Friend consider that he might have gained some inspiration in answering this Question from the implications in Question No. 21?