§ Sir H. Butcher
asked the Financial Secretary to the Treasury what progress has been made in discussing the conditions of borrowing from the Public Works Loans Board with representatives of local authorities.
§ Mr. Boyd-Carpenter
A meeting with the Standing Committee of Local Authority Associations took place last Friday. As a result, the Treasury has undertaken to examine further proposals for defining the types of loan which may be raised from the Public Works Loans Board for a lesser period than the period of the Departmental sanction.
The opportunity was taken at this meeting of conveying the decision, reached after a most careful review, not to vary, for the present, the initial fee of 4s. a £100 at present charged by the Board when a loan is made.
Some alterations in the procedure for obtaining the approval of the Board to applications for loans were provisionally agreed, subject to confirmation by the associations of local authorities. These changes are designed to ensure that the Board is not burdened with commitments for loans which will not eventually be taken up.