§ 36. Sir C. Osborneasked the Chancellor of the Exchequer, in view of the fact that personal savings for 1962 were £2,300 millions against £320 millions in 1952, and since the rate of interest has little effect on the amount saved, it he will now reduce the Bank Rate to 3 per cent.; and if, failing voluntary agreement, he will consider taking powers to adjust the rates at which building societies fix their loans.
§ Mr. du CannThe hon. Member is, I am sure, aware of the reasons behind the convention which inhibits me from speculating publicly about future movements of Bank Rate. As to taking powers to fix building societies' lending rates, the answer is, No.