§ Mr. Lewis
asked the Chancellor of the Exchequer whether he is aware that for many years it has been the established custom of the majority of the British building societies to charge ½ per cent. above the Bank Rate to clients with mortgages, and that, since the Bank Rate has dropped from 7 per cent. to 4 per cent., building societies have not reduced their 80W rates; and whether he will introduce legislation to limit building societies to a maximum rate of ½ per cent. over the existing Bank rate.
§ Mr. Erroll
The answer to the first part of the Question is "No," although I am of course, aware that most societies have not changed their rates since 1956. In reply to the second part, I cannot add to what my right hon. Friend told the hon. Member on 18th November.