§ Mr. Bruce-Gardyne
asked the Chancellor of the Exchequer whether, in order to make further progress towards the achievement of a balance of payments surplus, he will introduce amending legislation to require local authorities to pay current market rates for money borrowed to finance their housing programmes.
§ Mr. Diamond:
For money borrowed in the market local authorities pay market rates of interest. "Quota" loans by the Public Works Loan Board are made available at Government borrowing rates with a small addition to cover costs. I see no reason to alter these arrangements.