Building Societies (Deposits)

Part of Oral Answers to Questions — National Finance – in the House of Commons at 12:00 am on 27th June 1985.

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Photo of Mr Ian Stewart Mr Ian Stewart The Economic Secretary to the Treasury 12:00 am, 27th June 1985

I am glad to know of the welcome that my hon. Friend gives the proposals for reform of the building societies. Although I believe that it is a good thing for the building societies to have wider powers, in relation to both their balance sheets and their other functions, I am conscious that it is important to maintain the principal characteristics of building societies, which have ensured their reputation for such a long period as a safe home for savings and as a means of providing home ownership.