§ 67. Mr. H. Hynd
asked the Chancellor of the Exchequer why local authorities are omitted from the new arrangements under which money can be borrowed without Treasury consent.
Because under the procedure that has been followed for many years local authorities do not need for most of their borrowing to make specific applications for Treasury consent. But it is still necessary to control the timing and terms of issues of local authority securities, and the arrangement most convenient to local authorities as well as to the Treasury seemed to be to continue the existing procedure, which is well understood and, I believe, generally acceptable.