§ 25. Mr. Maurice Macmillan
asked the Chancellor of the Exchequer why, in laying down the proportion of total assets held as free reserves by building societies in order to qualify for trusteeship status, he selected 1½ per cent. as the initial and 2½ per cent. as the ultimate minimum.
§ Mr. Macmillan
Does not my right hon. Friend agree that it will be extremely difficult for building societies to raise their reserve ratio from 1½ per cent, to 2½ per cent. without either postponing a reduction in mortgage rates or even raising mortgage rates, or at least retarding their rate of growth?