Mr. Gresham Cooke
asked the Chancellor of the Exchequer what are the ruling rates of interest charged to local authorities borrowing from the Local Loans Fund.
§ Mr. Barber
It was provided by a Treasury Minute made on 31st May that loans to local authorities from the Local Loans Fund on and after 3rd June, 1961, until further notice, shall carry the following rates of interest:
Per cent. Loans for not more than five years 6⅜ Loans for more than five years but not more than fifteen years 6⅜ Loans for more than fifteen years but not more than thirty years 6½ Loans for more than thirty years 6¼