§ 40. Mr. Oakesasked the Chancellor of the Exchequer what discussions he has held with the Building Society Association on the level of mortgage interest rates following the two recent reductions in Bank Rate.
§ Mr. DiamondNone. There is no direct connection between the level of Bank Rate and that of mortgage interest rates; but the Council of the Building Societies Association are well aware of the Government's general wish that building societies' rates should be no higher than is necessary.