§ 24. Mr. MacCollasked the Chancellor of the Exchequer whether he will now provide loans at a low rate of interest to local authorities undertaking capital works in pursuance of his policy.
§ Mr. du CannNo, Sir.
§ Mr. MacCollIs the Economic Secretary aware that the burden of the speech of the Chancellor of the Exchequer in the House on 17th December was an appeal for local initiative and local effort in getting more capital investment to help to relieve unemployment? Is it not ridiculous to make such an appeal and yet have a monetary policy which prevents local authorities from borrowing at under 5⅞ per cent.?
§ Mr. du CannThe hon. Gentleman will be aware that interest rates are only one factor for local authorities to take into account when deciding their capital investment programme?