§ 33. Mr. A. Lewis
asked the Chancellor of the Exchequer if he is aware that, at 31st March, 1951, the county borough of West Ham was paying £143,000 in interest on borrowed money and that, at 31st March, 1962, this had risen to £784,000; and, as this was due in part to the doubling of interest rates, whether he will, now that the Bank Rate has been reduced, take the necessary steps to reduce the interest rates charged by the Public Works Loan Board and thus assist the county borough of West Ham and other municipal authorities.
§ Sir E. Boyle
The rates of interest charged by the Public Works Loan Board are kept in line with those ruling on the market for local authority borrowing. If the market rates fall, following the recent reductions in Bank Rate, the rates charged by the P.W.L.B. will be reduced also.