§ Mr. Arthur Lewis
asked the Chancellor of the Exchequer whether he is aware that since the Government's announcements on housing mortgage interest rates, building societies have announced increased interest rates as from 1st May together with warnings of further increases; and whether he will seek powers to prevent these increases.
§ Mr. Diamond
I am aware that a number of societies have announced increases conforming to the Building Societies Association's recommendation. I am not aware that any further increase in recommended rates is under consideration, and I therefore do not think that any further action is called for at present; but we shall continue to watch the situation carefully.