§ 52. Mr. E. WILLIAMSasked the Financial Secretary to the Treasury whether he is prepared to advise the Public Works Loans Board that, in view of the low interest charges obtaining on war stock and bank deposits, they should further reduce the interest charges upon public borrowings?
§ Mr. HORE-BELISHAAs the hon. Member is aware, the rates applicable to new advances from the Local Loans Fund were reduced as from the 13th March. It is not possible to reduce the rates applicable to existing advances without endangering the solvency of the fund.
§ Mr. WILLIAMSIs the hon. Member aware that that was so infinitesimal that it cannot be hoped to give very much relief to local authorities?
§ Mr. HORE-BELISHAIt may have been small, but at any rate it was something, and the rate at which we lend depends on the rate at which we can borrow.