§ 58. Mr. Arthur Lewis
asked the Chancellor of the Exchequer what steps he will take to mitigate the effects of the increase in Bank Rate on local authorities' public works.
§ Mr. Callaghan
It is only on borrowings they have made in the short period since 23rd November, 1964 that local authorities have so far incurred extra 41W charges and moreover the effect has been mitigated by the measures I announced on 19th January in reply to the hon. Member for South Angus (Mr. Bruce-Gardyne) and by the adjustment of Exchequer grants to which I referred in replying to my hon. Friend the Member for Glasgow, Shettleston (Sir M. Galpern) on 9th December.