§ 6. Mr. Wingfield Digbyasked the Chancellor of the Exchequer how many local authorities with populations below 10,000 received advances on the market in their own name and on their own credit in 1959–60.
§ Mr. Selwyn LloydI regret that this information is not available.
§ Mr. Wingfield DigbyIs tit not a fact that very few of the smaller authorities can, in fact, borrow on the open market? Is that not the reason why out of £45 million advanced by the Public Works Loan Board last year only £2 million was not for the smaller authorities? Does not that show that there is inequality between the larger and the smaller authorities, and will not my right hon. Friend do something about it?
§ Mr. LloydI am told that these smaller authorities can borrow on no worse terms than the larger authorities. My hon. Friend is quite right in his reference to the number of loans made last year, but they do not show that there is any difficulty about the smaller authorities getting money.
§ Mr. JayIf the smaller authorities can borrow just as easily as the right hon. and learned Gentleman says, how does he explain the figures given by the hon. Member for Dorset, West (Mr. Wingfield Digby) which show, in fact, that they are not doing so?
§ Mr. LloydThe reason is because it is much more convenient to them to use the Public Works Loan Board.