§ 68. Mr. Lewisasked the Chancellor of the Exchequer whether he is aware that the present high interest rates charged by building societies are acting as a deterrent against potential house purchasers; and what action he will take to secure a reduction in all interest rates charged by building societies.
Mr. AmoryI understand that advances for house purchase by building societies continue at a high level, despite the rate of interest. The Government cannot intervene between lender and borrower and rates of interest in this field cannot, of course, be insulated from the level of interest rates generally.