§ Mr. Lewisasked the Chancellor of the Exchequer whether he is aware that for many years it has been the established custom of the majority of the British building societies to charge ½ per cent. above the Bank Rate to clients with mortgages, and that, since the Bank Rate has dropped from 7 per cent. to 4 per cent., building societies have not reduced their 80W rates; and whether he will introduce legislation to limit building societies to a maximum rate of ½ per cent. over the existing Bank rate.
§ Mr. ErrollThe answer to the first part of the Question is "No," although I am of course, aware that most societies have not changed their rates since 1956. In reply to the second part, I cannot add to what my right hon. Friend told the hon. Member on 18th November.