§ Mr. Grocottasked the Secretary of State for the Environment if he will seek powers to regulate the proportion of expenditure by building societies that is spent on administration and advertising; and if he will make a statement.
§ Mr. Denzil DaviesI have been asked to reply.
I see no reason for doing so. The average ratio of management costs to mean assets of building societies in 1976 was less than 1 per cent., of which about one-twentieth related to expenditure on advertising.