§ 98. Captain W. G. HALL
asked the Financial Secretary to the Treasury whether any change is contemplated in the rates of interest at which loans may be made out of the Local Loans Fund?
99. Mr. SIMON
asked the Financial Secretary to the Treasury what is the present rate of interest charged by the Public Works Loans Board to local authorities for loans for the purposes of housing construction; when the last alteration in the rate came into effect; and whether any decrease in the said rate of interest can now be made in view of the recent reductions in Bank Rates?
§ The FINANCIAL SECRETARY to the TREASURY (Mr. Pethick-Lawrence)
Loans to local authorities for the purpose of housing construction are made at the minimum rate in force for the time being. Since the 15th October last that has been 5¼ per cent. per annum, but I am glad to be able to announce chat in view of the present monetary conditions it has been decided to reduce the minimum rate for local loans from 5¼ per cent. to 5 per cent. as from the 21st March. The other rates will at the same time be lowered by ¼ per cent.