HC Deb 15 November 1971 vol 826 cc26-7
31. Mr. Walter Johnson

asked the Secretary of State for Trade and Industry if he will refer the question of building society mortgage interest rates to the Monopolies Commission.

Mr. Ridley

I will bear the hon. Member's suggestion in mind, along with other matters which satisfy the statutory criteria for reference.

Mr. Johnson

I thank the Minister for that reply. Is he aware that hundreds of thousands of people in Britain are buying their homes on mortgage and feel at present that they are getting a raw deal? Would he, therefore, agree that this matter be referred to the Monopolies Commission in the way suggested?

Mr. Ridley

I should hardly have thought that this was the best time to do such a thing, just when the Building Societies Association has recommended its members to reduce mortgage interest rates.