§ Mr. Gwilym Roberts
asked the First Secretary of State and Secretary of State for Economic Affairs if he will use his powers under the Prices and Incomes Act to prevent building societies increasing the interest rates charged on mortgages.
§ Mr. William Rodgers
If my hon. Friend has in mind the powers relating to prices and charges contained in Part IV of the Prices and Incomes Act, 1966, these do not apply to mortgage interest rates. Such rates may be referred under Part I of the Act to the National Board for Prices and Incomes, but as my hon. Friend knows the Board has recently submitted a report to the Government. I would also refer my hon. Friend to the Reply given on 12th December by my right hon. Friend the Chancellor of the Exchequer to my hon. Friend the Member for Watford (Mr. Raphael Tuck). [Vol. 738 c. 39–42.]