HC Deb 02 February 1945 vol 407 c1793

Considered in Committee under Standing Order No. 69.

[Mr. CHARLES WILLIAMS in the Chair]

Resolved: That for the purposes of any Act of the present Session to prohibit the borrowing of money by local authorities otherwise than from the Public Works Loan Commissioners, to amend section five of the Public Works Loans Act, 1941, and to make further provision with respect to local loans and the borrowing powers of local authorities, it is expedient;

  1. (a) to authorise the issue out of the Consolidated Fund of any sums required for the local loans fund which could be raised by the creation of local loans stock;
  2. (b) to authorise the Treasury to raise money for the purpose of providing sums to be issued as mentioned in the preceding paragraph in any manner in which they are authorised to raise money under the National Loans Act, 1939;
  3. (c) to authorise the repayment into the Exchequer of the sums issued as aforesaid, together with interest thereon;
  4. (d) to authorise the issue out of the Consolidated Fund of sums paid into the Exchequer as mentioned in the last preceding paragraph and the application of sums so issued in redemption or repayment of debt or, in so far as they represent interest, in payment of interest otherwise payable out of the permanent annual charge for the National Debt."—(King's recommendation signified.)—[Mr. Mathers.]

Resolution to be reported upon Thursday next.