HC Deb 22 March 1923 vol 161 c2775W

asked the Financial Secretary to the Treasury whether he has received representations from parish councils and other bodies, as, for instance, the parish council of Glutton, that they cannot make ends meet on their allotments undertakings because of the 6¾ percent. interest charged on a 50-years' term on a public works loan, although in the Glutton case Is. per perch is being charged to the allotment holder; and whether he will enable the allotments movement to continue by reducing this charge?


The rates of interest charged for advances from the Local Loans Fund must be such as to meet the service of the stock raised for the fund; and I cannot hold out any hope of reduction in the rate for loans already granted on this basis. With the improvement in the issue price of the stock it is now possible to grant new loans on more favourable terms than 6¾ per cent.