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Mortgage Interest Rate

Volume 929: debated on Thursday 7 April 1977

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asked the Chancellor of the Exchequer if he will meet the Secretary-General of the Building Societies Association and advise him on the desirability of reducing the mortgage interest rate.

No. My right hon. Friend has already made it clear that the Government are looking to building societies for a reduction in their interest rates. The Government will continue to maintain regular contact with representatives of the building society movement on this and other matters of common interest.

asked the Chancellor of the Exchequer whether he will now make a statement on the question of giving tax relief on mortgage interest paid in respect of another property by a person provided with accommodation by reason of his employment.

I have considered very carefully whether a limited relaxation could be made in this area. Unfortunately, it has proved impossible to formulate an acceptable solution.