Competition and Credit Control

HC Deb 16 October 1973 vol 861 c61W

Miss Quennell

asked the Chancellor of the Exchequer what representations he received from the building societies on the publication of the Government's White Paper "Competition and Credit Control".

Mr. Nott

No representations were received by the Government from the building societies when the Bank of England's paper "Competition and Credit Control" was published in May 1971. Paragraph 15 of that paper was, however, raised by representatives of the Building Societies' Association with Treasury Ministers in August of this year, following which the Governor of the Bank of England asked the banks to observe a limit of 9½ per cent. on the rate of interest paid on deposits in amounts below £10,000.