SO the Building Societies Association want the Bank of England to raise the base rate. They say this is to slow down the rise in house prices.
Am I missing something here?
The building societies are the ones who fuel this rise by lending the money, they are the ones who set the rate and the amount they lend.
Why don't they step in themselves, if they consider a rate increase is the "right" action?
They have been known to do this in the past and to ration the amount they lend.
Perhaps they should raise the rate they pay savers from the pathetically- low levels at present and raise the rate they charge borrowers to the one they consider "right", and not try to hide behind the Bank of England and the Government.
My message to these powerful and very rich businesses is show us some leadership and have the courage of your convictions by acting yourselves, not by proxy.
Graham Tissiman,
Eastfield Avenue,
York.
Updated: 10:41 Friday, June 28, 2002
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