Mr. G. WHITEasked the Minister of Health the terms on which local authorities may borrow for housing purposes a proportion of the proceeds of the National Saving Certificates subscribed in their areas: and the amount of such loans already contracted by local authorities?
Mr. CHAMBERLAINLocal authorities have, since October, 1920, been able to borrow from the Local Loans Fund the equivalent to one-half of the proceeds of sales of National Savings Certificates subscribed in their areas. The rate of interest for loans issued since 2nd October, 1922, has been 5 per cent. per annum. The total amount borrowed for housing purposes from 1st October, 1920, to 31st March, 1923, is approximately £1,650,000.