HC Deb 06 March 1956 vol 549 c1924
51. Mr. Ross

asked the Secretary of State for Scotland if he will estimate the increased cost over sixty years of financing the slum clearance programme detailed in table II of Command Paper No. 9685, taking £1,700 as the average cost per house, as a result of the increases in interest charges since January, 1952.

Mr. J. Stuart

The increase in the interest rate from 3¾ per cent. in January, 1952, to 5¼ per cent. now, adds 25s. 11d. to the loan charges for every £100 borrowed. It cannot be assumed, however, that the loan charges on all the houses referred to will be at the current rate of interest, or that all the houses will be built at a cost of £1,700.

Mr. Ross

While I agree, is it not reasonable to expect that the Secretary of State should answer the Question which I put upon the Paper? I asked him to take that figure in order to guide us as to the actual increased burden of the local authorities. Is the right hon. Gentleman aware that he has completely dodged the issue? Will he let us know what the financial burden is to be on Scottish local authorities because of Government policy?

Mr. Stuart

I have answered the Question on the Paper, and have told the hon. Gentleman that 25s. 11 d. is added for every £100 of capital borrowed.