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European Council

I am grateful to my hon. Friend for the leadership role that he plays on the Treasury Committee, and for his knowledge of these matters. He is absolutely right: in these difficult times, when interest rates are relatively low in comparison with rates during previous downturns, it is right to ask the building societies and banks to take a careful look at their policy on repossessions. It is right to consider—as does the communiqué signed by the Council of Mortgage Lenders and others—that repossessions are the last resort, not the first resort. We will ensure with the measures that we have taken, such as reducing the number of weeks for which people must be unemployed to receive help with their mortgages, that we do all that we can to help home owners in this country.