§ Mr. DismoreTo ask the Chancellor of the Exchequer if he will make a statement concerning the banking sector, with particular reference to the status of the remaining building societies which have not converted to banks. [24987]
§ Mrs. Liddell[holding answer 23 January 1997]: The United Kingdom has a very successful banking sector, in which building societies continue to play an important part, providing mortgages and other financial services to millions of their members. The Government are aware how widespread the contribution of mutual is to the UK economy, through the competitive products offered by mutual insurers and friendly societies and through the competitive rates which building societies offer for savers and borrowers.