§ 17. Mr. Birchasked the Chancellor of the Exchequer what proportion of local government debt outstanding on 31st March, 1958, was due to be repaid in five years or less and in one year or less; and whether he will give corresponding figures for 31st March, 1954.
§ Mr. ErrollA survey was recently made of the composition of local authority loan debt, as at 31st March, 1955, and 31st March, 1958, for England and Wales, and as at 15th May in those two years for Scotland. The results, which covered 98.8 per cent. of the total debt of all authorities in Great Britain, show that the proportion of debt repayable within one year rose from 5.5 per cent. in 1955 to 11.5 per cent. in 1958, while the proportion repayable within five years rose from 11 6 per cent. to 23.1 per cent. between the same dates. There is no similar information for the year 1954.
§ Mr. BirchCan my hon. Friend say how the trend is continuing? Has he any indication of what has happened in subsequent years?
§ Mr. ErrollNo. We have no indication of the trend because we have not 1408 undertaken a further survey, but we are considering whether it would be desirable to introduce a periodic survey so that we could have this information more readily available.
§ Mr. ErrollThey see no reason to disapprove of it.