§ 54. Mr. George Jeger
asked the Minister of Housing and Local Government whether he is aware that the high rates of interest paid by local authorities for housing loans are a major cause of high rents on council houses; and whether he will now fulfil the undertaking to provide a special low-interest charge for local council housing.45W
§ Mr. Greenwood
The Government have fulfilled the Labour Party's election pledge of 1964 to introduce a policy of lower interest rates for housing by the enactment of the Housing Subsidies Act, 1967. This enables local authorities to provide new housing at the low interest rate of 4 per cent.