§ Mr. Walter Johnson
I beg to ask leave to move the Adjournment of the House, under Standing Order No. 9, for the purpose of discussing a specific and important matter that should have urgent consideration, namely,the refusal of the building societies to reduce mortgage interest rates to 4 million people buying their own homes on mortgage".I regard this matter as urgent and important because the building societies have given no undertaking that they intend to reduce the interest rate, despite the fact that the minimum lending rate was further reduced last Thursday. Therefore, there is no reason at all why the mortgage interest rate should not be reduced by 1¼ per cent.
Such a move would effectively reduce the cost of living for those 4 million people buying their own homes on mortgage. A person who is buying his house on a £10,000 mortgage over a period of 25 years would, if the interest rate were reduced by 1¼ per cent. save £9 a month.
This is a time when all people—we in this House, and those in commerce, industry, trade unions and in the Government—are doing our best effectively to reduce the cost of living. I regard the building societies' attitude as blatant disregard of the national interest, and I think that the matter is urgent enough to be debated immediately in this House.
§ Mr. Speaker
The hon. Member for Derby, South (Mr. Johnson) asks leave to move the Adjournment of the House for the purpose of discussing a specific and important matter which he believes should have urgent consideration, namely,the refusal of the building societies to reduce mortgage interest rates to 4 million people buying their own homes on mortgage".I have listened carefully to the hon. Gentleman and have taken into account the several factors set out in the Standing Order, but the House knows that I am not called upon to give reasons for my decision.
38 I have to rule that the hon. Gentleman's submission does not fall within the provisions of the Standing Order and, therefore, I cannot submit his application to the House.