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Mortgage Interest Rate

Volume 974: debated on Thursday 29 November 1979

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asked the Chancellor of the Exchequer if, in view of the success of the £500 million cushioning arrangement made with and provided by the Treasury to building societies in 1974 to avoid increases in mortgage interest rates, he will discuss with the Building Societies Association similar steps aimed at curbing the projected interest rate increases to 14 per cent. or 15 per cent.; and if he will make a statement.

[pursuant to his reply, 22 November 1979, c. 330]: As the House has resolved, while recognising that the present level of mortgage interest rates will place an additional burden on home owners, they cannot be totally insulated from the general level of interest rates in the economy.