§ Mr. Derek Page
asked the Chancellor of the Exchequer, in view of the difficulty of forward planning of expanding towns when interest rates fluctuate, if he will make a statement of his intentions in this regard.
§ Mr. MacDermot
As my right hon. Friend said in reply to the hon. Member for South Angus (Mr. Bruce-Gardyne) on 19th January, he has decided, for the time being, to leave at their present levels the interest rates on the quota of loans that local authorities can borrow from the Public Works Loan Board. As regards the Government's longer term policy on interest rates on local authority housing loans, I would refer my hon. Friend to the reply given by my right hon. Friend the Minister of Housing and Local Government to my hon. Friend the Member for West Ham, North (Mr. Arthur Lewis) on 17th November, 1964.