asked the Financial Secretary to the Treasury whether he is aware of the recent decision of several large building societies which have agreed to demand a minimum of 5 per cent. interest on all advances to house purchasers, and that. this rate of interest is excessive and is likely to militate against house building: and whether he will make representations to the leaders of the building societies to reduce the rate of interest to would-be house purchasers?

The hon. Member seems to be under a misapprehension. I have no official information on the subject of the rates of interest charged by building societies on mortgage advances, but I understand that a number of large societies have recently announced a reduction in their rates for such advances below 5 per cent.

Can the hon. Gentleman say whether that will apply to existing contracts?

I cannot say. I understand that it is under consideration.

Will the hon. Gentleman use his influence with the building societies to include existing mortgages?

Are not these societies generally run by the members themselves, and is it not a question for them?