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Mortgage Interest Payments

Part of Orders of the Day — Finance Bill – in the House of Commons at 9:30 pm on 15th July 1997.

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Photo of Dawn Primarolo Dawn Primarolo The Financial Secretary to the Treasury 9:30 pm, 15th July 1997

We need to ensure stability in the housing market so that those who own their houses and those who seek to own their houses are not at the mercy of the market from which they suffered under the Conservative Government. What we do not want to see is rising house prices or people trapped in negative equity and unable to provide for themselves.

The Government's proposals are sensible and modest. The amendment would not work and is not viable. It would not give stability and it would deny mortgage lenders time to plan for and adjust to the changes. The Government's proposals seek to prevent a return to the boom and bust policies of the previous Government. On that basis, I ask the Committee to reject the Opposition amendment and to support the Government's measures to provide stability and to assist home owners.