HC Deb 31 July 1964 vol 699 cc461-2W
Mr. A. Lewis

asked the Minister of Housing and Local Government and Minister for Welsh Affairs whether he is aware that in the year 1953–54 the county borough of West Ham had an outstanding debt charge at the commencement of the year of £3,895,000, that the average rate of interest charged on this debt was 3.212 per cent. making a total of £125,100, that this debt had increased to £18,189,000 in 1963–64 at an average rate of interest of 4.865 per cent. with a total interest charge of £884,900, and that this amount would have been reduced to £584,200 if the interest rates had remained at 3.212 per cent.; and whether he will therefore increase housing subsidies to compensate for these increases.

Mr. Corfield

The Government have said that, on the assumption that proper rents are charged, subject to rebates for those who need them, they will see that local authorities receive whatever subsidies they need to carry through their housing responsibilities. The present review of subsidies takes into account all aspects of local housing finance, of which loan interest is one element.