§ 2. Mr. Benceasked the Chancellor of the Exchequer what representations he has received respecting the possible effect of the recent increase in the Bank Rate on house purchase for occupation; and what steps he proposes to take to offset the burden being placed on building societies and young people desirous of buying a house.
§ Mr. P. ThorneycroftApart from a few letters, none. I would refer the hon. Member to the reply which I gave to the hon. Member for Erith and Crayford (Mr. Dodds) on 29th October.
§ Mr. BenceIs the Minister aware that I have come across many instances where 176 young people who had intended buying houses because of the Rent Act are now finding themselves in the position of having to submit to extortionate increases in rent? Does not the right hon. Gentleman think it desirable to encourage young people to acquire their own homes?
§ Mr. ThorneycroftI have answered the Question on the Order Paper.
§ 16. Mr. Emrys Hughesasked the Chancellor of the Exchequer if he is aware of the handicap the Bank Rate of 7 per cent. imposes on our export trade; and when he proposes to reduce it.
§ Mr. P. ThorneycroftNo, Sir.
§ Mr. HughesIs the Chancellor aware that the Soviet Government have just lent India £44 million at the criminal and wicked rate of 2½ per cent.? How does he expect British capitalists to compete with Russian Communists in these markets if the Bank Rate has gone up to 7 per cent.?
§ Mr. ThorneycroftI do not share the hon. Gentleman's desire to follow in too much detail the example of Soviet Russia.