§ 78. Mr. Woodburn
asked the Minister of Housing and Local Government the estimated increase, on an annual basis, of the cost to local authorities which arises from the latest increase in the Bank Rate and from the previous increase.
§ Mr. Sandys
The direct effect of any increase in the Bank Rate is confined to bank overdrafts and temporary borrowings from banks. I have no knowledge of the extent to which local authorities have recourse to this and I am, therefore, unable to provide the estimate which the hon. Member requires. With regard to the indirect effect upon local authority housing expenditure, I would refer the hon. Member to the reply given on 8th March to the hon. Member for Accrington (Mr. H. Hynd).