§ 1. Mr. C. Osborneasked the Chancellor of the Exchequer what are the approximate working costs of building societies as a percentage of their turnover; and if he will make a statement.
§ The Economic Secretary to the Treasury (Mr. Anthony Barber)I am informed by the Chief Registrar of Friendly Societies that in 1959 management expenses of the building society movement as a whole amounted to 14s. 10d. per year for every £100 of mean mortgage balances. I do not think that it would be appropriate for me to comment.
§ Mr. OsborneWould not my hon. Friend agree that, on that figure, the building societies are providing a wonderful social service to the country at a remarkably low figure?
§ Mr. BarberI certainly agree with my hon. Friend that the overwhelming majority of building societies are certainly performing a most valuable national service.
Mr. H. WilsonCan the hon. Gentleman say to what extent the costs of building societies and the charge on mortgages to their clients are going to be raised owing to the appalling decision announced this morning?
§ Mr. BarberThat is not for me to answer.