HC Deb 22 October 1953 vol 518 cc2146-7
47. Mr. Gibson

asked the Chancellor of the Exchequer in view of the reduction of the Bank rate, what steps he proposes to take to secure a reduction of the rate of interest charged on loans taken up by local authorities from the Local Government Loans Board, and so reduce the charges on their capital works.

Mr. Boyd-Carpenter

These rates are not governed by Bank rate but follow the general level of Government credit for loans of comparable periods. Revised rates have, in fact, been announced for advances made on and after 20th October, 1953. The particulars are in the Treasury Minute which will be published as a Statutory Instrument.

Mr. Gibson

Does the reduced rate of interest for the Public Works Loans Board cover all the loans for all purposes which local authorities take up or only, as some people think, for housing purposes?

Mr. Boyd-Carpenter

The change is a general change in the rates of the Loans Board, but I would ask the hon. Gentleman to be so good as to consult the Treasury Minute for the detailed particulars.