PUBLIC WORKS LOANS BILL. (Hansard, 16 December 1947)

§ LORD AMMON

My Lords, this Bill can be said to fall into the category of hardy annuals. It is non-controversial, simple and very necessary. The background of it is this. Your Lordships will remember that the last Public Works Loans Bill, which was passed in November, 1946, made two main provisions. First, it empowered the National Debt Commissioners to make advances to the Public Works Loans Board for local loans up to a maximum of £250,000,000, until the passing of the next Act. At the beginning of this month advances of £219,000,000 had been made, leaving £31,000,000 in hand. Secondly, the current Act provided that the Public Works Loans Board could also incur commitments to lend, in such a way, however, that commitments, when added to the actual cash advances, did not at any time exceed £500,000,000. So far commitments plus advances total £445,000,000, leaving a balance of £55,000,000.

It will be seen from these figures that it is essential that the Public Works Loans Boards should receive further lending powers without delay, if local authorities are not to be kept waiting for the money they need and the housing programme is not to be held up. I beg to move that this Bill be now read a second time.