§ Ms DrownTo ask the Chancellor of the Exchequer what steps he will take to(a) protect the position of mutual building societies and (b) ensure real competition in the financial services sector. [47086]
§ Mrs. LiddellBuilding societies are competing strongly in the savings and loans markets, and continuing to show the benefits that mutuality can offer their members. The Government believe societies should be accountable to their members and therefore increased the proportion of members who must vote in order for any conversion from a mutual society to a bank to succeed from 20 to 50 per cent. last year.