§ 14 and 31. Mr. Emrys Hughesasked the Chancellor of the Exchequer (1) if he is aware of the effect of high interest rates on building societies in Scotland; and what steps he will take to mitigate its effect;
(2) if he is aware of the difficulties that the increased Bank Rate has created for building societies in Scotland; and if he will make a statement.
§ Mr. MaudlingIn general I am glad to say that, thanks to sound management, the building societies in all parts42W of the United Kingdom have been able to deal successfully with problems arising for them, as for other financial institutions, as a result of recent changes in rates of interest. There can be no question of Government action to insulate the building societies from the effects of monetary policy.