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Bank Rate

Oral Answers to Questions — National Finance – in the House of Commons at 12:00 am on 19th November 1957.

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Photo of Mr Cyril Bence Mr Cyril Bence , Dunbartonshire East 12:00 am, 19th November 1957

asked the Chancellor of the Exchequer what representations he has received respecting the possible effect of the recent increase in the Bank Rate on house purchase for occupation; and what steps he proposes to take to offset the burden being placed on building societies and young people desirous of buying a house.

Photo of Mr Peter Thorneycroft Mr Peter Thorneycroft , Monmouth

Apart from a few letters, none. I would refer the hon. Member to the reply which I gave to the hon. Member for Erith and Crayford (Mr. Dodds) on 29th October.

Photo of Mr Cyril Bence Mr Cyril Bence , Dunbartonshire East

Is the Minister aware that I have come across many instances where young people who had intended buying houses because of the Rent Act are now finding themselves in the position of having to submit to extortionate increases in rent? Does not the right hon. Gentleman think it desirable to encourage young people to acquire their own homes?

Photo of Mr Peter Thorneycroft Mr Peter Thorneycroft , Monmouth

I have answered the Question on the Order Paper.

Photo of Mr Emrys Hughes Mr Emrys Hughes , South Ayrshire

asked the Chancellor of the Exchequer if he is aware of the handicap the Bank Rate of 7 per cent. imposes on our export trade; and when he proposes to reduce it.

Photo of Mr Emrys Hughes Mr Emrys Hughes , South Ayrshire

Is the Chancellor aware that the Soviet Government have just lent India £44 million at the criminal and wicked rate of 2½ per cent.? How does he expect British capitalists to compete with Russian Communists in these markets if the Bank Rate has gone up to 7 per cent.?

Photo of Mr Peter Thorneycroft Mr Peter Thorneycroft , Monmouth

I do not share the hon. Gentleman's desire to follow in too much detail the example of Soviet Russia.