§ Mr. Shersbyasked the Chancellor of the Exchequer what representations he has received from the building societies to prevent the tax they pay on behalf of their investors from rising as a result of his Budget; what reply they have been given; and what proposals he has for safeguarding the societies' financial reserves.
§ Dr. GilbertThe Building Societies Association wrote to my right hon. Friend on 20th May about the reduction in the societies' operating margins which would result from the expected increase in the composite rate of tax they pay on behalf of investors. No formal answer has yet been sent pending the outcome of discussions which have been taking20W place between the Government and the association on this matter.