§ 24. Mr. Langford-Holt
asked the Chancellor of the Exchequer whether, in view of the reduction in the Bank Rate, he will exclude from the operation of the credit squeeze and credit limitation money borrowed for house purchase.
§ Mr. Langford-Holt
Would my right hon. Friend not agree that, in addition to its political desirability, on which I trust we are both agreed, this is also deflationary in its object in so far as if people are paying for a house or repaying a loan for house purchase they cannot buy motor cars, television sets and other forms of consumable goods, the purchase of which my right hon. Friend wishes to restrict in the home market?
§ Mr. Fernyhough
Does the Minister's reply mean that the Tory Party has now forsaken its belief in a property-owning democracy and that, far from encouraging people, they are taking financial means to discourage them?