Oral Answers to Questions — Mortgage Interest Rates

Part of the debate – in the House of Commons at 12:00 am on 7th May 1975.

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Photo of Mr Hugh Rossi Mr Hugh Rossi , Haringey Hornsey 12:00 am, 7th May 1975

Does not the Secretary of State agree that what militates against the lowering of the building societies' lending rate is not their borrowing rate, which is highly competitive today with bank deposit rates, but the effect that the Budget has had on the composite rate of tax payable by building societies, which has risen considerably, preventing building societies from lowering their lending rate? Should not that be the area in which the Government give assistance?