§ Mr. William Hamiltonasked the Chancellor of the Exchequer what was the interval, in days, between each increase in the Bank Rate to 7 per cent. in the last 10 years and the announcement of increased mortgage interest rates by the building societies.
§ Mr. CallaghanIn September, 1957, and July, 1961, the Building Societies Association made no increase in its recommended mortgage rates as a result of the increase in Bank Rate to 7 per cent.—though on the latter occasion an announcement had been made the previous month. There was an interval of 53 days between the rise in Bank Rate on 23rd November, 1964, and the Association's announcement of higher rates on 15th January, 1965.