HC Deb 03 November 1970 vol 805 cc323-4W
Mr. Arthur Lewis

asked the Chancellor of the Exchequer whether he is aware that his proposals to cut income tax by 6d. in the £ sterling next April will tend to switch investments into industrial equities from building societies for the higher investment income return to the disadvantage of the building societies so that the present equivalent gross return on building society shares of £8.5 per cent. will in effect drop to £8 per cent. next April; and if he will make proposals for dealing with the problem.

Mr. Maurice Macmillan

The Government fully recognises how important it is that building society funds should be maintained; but I see no reason to take any special action on the point referred to by the hon. Member.