§ 38. Major NATHANasked the Financial Secretary to the Treasury what is the minimum rate of interest at 1814 the present time on advances made by the Public Works Loan Board to local authorities for the purposes of housing and slum clearance; and when the last reduction was made?
§ The FINANCIAL SECRETARY to the TREASURY (Mr. HORE-BELISHA)These advances are made at the minimum current rate for loans from the Local Loans Fund, which was reduced from 4 per cent. 3⅝ per cent. on the 11th April last.
§ Major NATHANMay I ask whether it is proposed to make any further reduction, and when, in view of the glut of money awaiting employment.
§ Mr. HORE-BELISHAOnly when the situation permits.