§ 59. Mr. Remnantasked the Minister of Housing and Local Government whether he has considered the recommendation of the Bracknell New Town Corporation; and if he is now prepared to make advances to them for periods of 15 years, or less, on Public Works Loan Board terms.
§ Mr. MarplesThe answer to the first part of the Question is, "Yes," and to the second, "No." My right hon. Friend thinks there are substantial objections to the corporation's suggestion, which is more elaborate than appears from my hon. Friend's Question.
§ Mr. RemnantHas my hon. Friend or my right hon. Friend considered whether he is entirely justified in binding an unborn local authority to a form of finance which will not suit it when it takes over?
§ Mr. MarplesThe suggestion made in the report of the development corporation is that the development corporation should pay interest at the Public Works Loan Board rate but that there should be no annual repayment of capital whatsoever. That really is objectionable from the point of view of finance.
§ Mr. RemnantIf a suggestion is made to my hon. Friend about this, will he consider it, because that is not my interpretation of the suggestion?
§ Mr. MarplesCertainly.