HC Deb 01 August 1951 vol 491 c210W
Mr. Hutchinson

asked the Minister of Local Government and Planning whether he is aware that a rate of interest of 4½ per cent. is charged by the Central Land Board upon outstanding instalments of development charge in cases where the developing owner is not able to meet the whole of the charge before development commences; and what is the reason for this high rate of interest.

Mr. Dalton

Yes, and the reason is because the security is only a second mortgage.