§ Mr. David Clarkasked the Chancellor of the Exchequer whether building societies in the United Kingdom would be permitted to lend money in other member countries of the European Economic Community if Great Britain were to enter.
§ Mr. HigginsThe Building Societies Act, 1962, states that one of the purposes of a society established under the Act is the making of advances to members upon security by way of mortgage of freehold or leasehold estate, or its equivalent in Scotland. It has been generally accepted that this excludes lending on security outside the United Kingdom.
§ Mr. David Clarkasked the Chancellor of the Exchequer what estimate he has made of the effect of British entry to the European Economic Community on interest rates for house purchasers in the United Kingdom ; and if he will make a statement.
§ Mr. HigginsInterest rates for house purchasers will continue to depend on the general level of interest rates.
§ Mr. David Clarkasked the Chancellor of the Exchequer what estimate he has Britain's entry to the European Economic Community will have upon the legislation governing building societies ; and what modifications to such legislation will be necessary.
§ Mr. HigginsIt is anticipated that little, if any, amendment to building society legislation will be necessary when Britain enters the European Economic Community.