§ Mr. Milneasked the President of the Board of Trade what progress has been made with the Hotel Loan Scheme announced by the Prime Minister on 20th July.
§ Mr. JayI have now completed my consultations with the hotel industry, and the Board of Trade will be prepared to receive applications for loans under the scheme from 2nd January next.
To be eligible for a loan under the scheme, a project must satisfy three conditions. First, the Board of Trade must be satisfied that it will provide accommodation of a type and standard likely to be acceptable to overseas visitors and to result in significant new or increased earnings from overseas guests staying at the hotel. Second, the project must involve capital expenditure of not less than £20,000 for new buildings, or for the procurement and installation of fixed plant or equipment. Third, work must not have begun on the site before 20th July, 1966. In other respects, the scheme will be as I described it on 26th July.
To advise me on applications for loans under the scheme. I am establishing a Hotel Loans Advisory Committee. The Chairman of this Committee will be Sir William Slimmings; other members will be Sir Leonard Cooke, Mr. D. J. Davies, Mr. E. C. Garner, Mr. C. R. Hinds Howell and Professor S. Medlik. I am consulting the Secretary of State for Scotland about the appointment of a seventh member.