63. Mr. DAVID ADAMSasked the Financial Secretary to the Treasury what is the present minimum rate of interest on advances made by the Public Works Loans Board to local authorities for the 911 purposes of the Housing Acts; and whether he will take steps to make some reduction in such rate of interest in order to ease the financial burdens of local authorities?
§ The FINANCIAL SECREARY to the TREASURY (Mr. W. S. Morrison)The present minimum rate of interest on loans to local authorities out of the Local Loans Fund is 3¼ per cent., to which figure it was reduced on 16th November, 1934. I regret that it is not possible to reduce this rate without endangering the solvency of the fund.