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 Anthony Crosland Mr Anthony Crosland , Grimsby 12:00 am, 7th May 1975

I am surprised to find the hon. Gentleman advocating a further Government subsidy. The fact is that the two successive increases over the last 12 months in the composite rate have been covered, as far as the building societies are concerned, by the reduction in their borrowing rate to 7 per cent., which has restored the margin upon which they were operating a year ago. I am afraid the problem is not as simple as the hon. Gentleman suggests.