§ Mr. Craigenasked the Chancellor of the Exchequer what would be the saving to public expenditure of a further reduction in the mortgage rate by 1 per cent.; and what representations he has made to the Building Societies Association in this regard.
§ Mr. Denzil DaviesA 1 per cent. reduction in the Building Societies Association's recommended mortgage rate would, 539W in a full year, reduce expenditure on the option mortgage scheme by about £18 million and reduce by some £80 million the amount of income tax relief given on mortgage interest payments. The Government maintain regular contacts with the building societies about the prospects for interest rates and mortgage finance generally.