§ 13. Miss Joan Lestorasked the Chancellor of the Exchequer what consultations he has had with the motor industry regarding the hire-purchase terms for car purchase.
§ Mr. Robert SheldonMy right hon Friends and I have consultations with 1689 representatives from the motor industry on a wide range of issues. Hire-purchase controls are among the items discussed.
§ Miss LestorDoes my right hon. Friend agree that the British car industry is being undermined by the fact that our foreign competitors within the EEC are offering low interest rates or interest-free loans to car producers? Therefore, will he consider approaching the Bank of of England, through the NEB, with a view to getting extensive credit facilities for the motor car industry in this country?
§ Mr. SheldonI do not think that extending hire-purchase arrangements is the way to handle this problem. The motor car industry is very much against the extension of hire purchase, because of the problems of supply. Although the finance houses and the distribution areas are anxious to see this extension, their view is not shared by those who produce the cars.