§ 21. Mr. Peter Walkerasked the Chancellor of the Exchequer whether, in view of the increasing demand for mortgages, he will now lift the£5,000 limit imposed upon the sums that can be invested in building societies on normal terms.
§ Mr. CallaghanThe initiative for making such a change would normally come from the Building Societies Association. No approach has been received.
§ Mr. WalkerAs this limit has been applied now for some decades, if an approach is made in the future will the right hon. Gentleman look at it sympathetically?
§ Mr. CallaghanYes, Sir, certainly; but I think that a number of individuals invest in more than one society, and, therefore, the limit is not as real as it might seem.
§ Mr. FisherWould not the right hon. Gentleman agree that in present circum- 1456 stances, where the demand for funds for home lending far exceeds the supply of money available, it is rather unrealistic to fix a rather low limit of this kind, particularly in view of the depreciation in the value of money since it was fixed? Would not£7,500 or£10,000 be more realistic?
§ Mr. CallaghanI am sure that the Building Societies Association will note the hon. Gentleman's question. I should be happy to receive an approach, although I could not indicate now what the answer would be. However, I should be glad to look at anything which is put to me.