Public Works Loan Board (Interest Rates)

HC Deb 19 July 1960 vol 627 cc21-2W

57. Mr. Manuel

asked the Chancellor of the Exchequer whether the Public Works Loan Board rate of interest for Scottish local authority borrowing will be raised arising from the increase in the Bank Rate.

64. Mr. Jay

asked the Chancellor of the Exchequer whether he proposes to raise interest rates paid by the Public Works Loan Board, following the recent rise in Bank Rate to 6 per cent.

Mr. Amory

Public Works Loan Board rates reflect the cost of local authority borrowing in the market and changes are made whenever alterations in the market rate justify this. As stated in the reply given to the hon. Member for Honiton (Mr. Mathew) on 15th July, the lending rates of the P.W.L.B. were increased as from 16th July, 1960.