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Interest Rates

Volume 720: debated on Tuesday 16 November 1965

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asked the Minister of Housing and Local Government what priority Her Majesty's Government now gives to the introduction of a policy of lower interest rates for housing.

I shall be announcing shortly details of a new subsidy scheme related to the interest rates housing authorities have to pay. During this Session we shall also make known our plans to broaden the basis of owner-occupation.

Would not the Minister agree that it is disgraceful, the Government having canvassed for votes at the last General Election on the basis of lower interest rates, that owner occupiers a year later are in fact paying higher interest rates?

No. I would not think that in a five-year programme the decision to postpone one important element in the programme and not have it so far is anything like a broken pledge. I repeat the Prime Minister's assurance that we shall announce our intentions and legislate as soon as possible.

Does that reference to the Prime Minister's assurance mean that it is the Government's intention to introduce the necessary legislation this Session?

No.I merely referred to the Prime Minister's statement that we should announce it in this Session and legislate as soon as possible.