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Mortgages

Volume 940: debated on Monday 28 November 1977

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asked the Secretary of State for the Environment whether he will now introduce legislation to seek to enable local authorities to reduce their mortgage rates in line with building society rates; and if he will make a statement.

The Green Paper on Housing Policy (Cmnd 6851) proposed that local authorities should be enabled to charge the rate recommended by the Building Societies Association with any resultant surpluses or deficits being credited or charged to the general rate funds. We are consulting the local authorities and other interested bodies.