HC Deb 05 May 1970 vol 801 cc183-4
16. Mr. Costain

asked the Minister of Housing and Local Government if he will estimate the amount of money now required for local authority mortgages to have equivalent value of £179 million in 1964, taking into account increased costs.

Mr. Freeson

About £250 million, Sir, as compared with about £155 million allocated for 1970. Building society lending this year is expected to reach £1,700 million which is about £650 million more than they lent in 1964.

Mr. Costain

Does the Minister appreciate that the figure of £179 million was the amount of mortgages which the Conservative Government gave in 1964? Does not his answer show how hopelessly inadequate is the sum of £155 million the Government are now offering?

Mr. Freeson

I suggest that the hon. Gentleman gets in touch with the Association of Municipal Corporations, because its representatives and representatives of other associations we have consulted do not take such a view.