Mr. R. W. Brownasked the Chancellor of the Exchequer what proposals he has for borrowing by local authorities from the Public Works Loan Board in the current financial year.
§ Mr. Roy JenkinsFor local authorities in administrative counties which include a significant number of development areas, the proportion of their net reckonable capital payments which determines their quota of borrowing from the Public Works Loan Board is being raised from 43 per cent., at which it was set a year ago, to 50 per cent. for 1970–71.
80Wrecent 12-month period of administering and servicing the total of £8,459 million invested in national savings on 31st January, 1970, including in the costs the interest paid, prizes given, administrative cost, payments to the Post Office, of each form of savings; and if he will express those figures as a percentage of the total and as a percentage of each type of savings.
§ Mr. William RodgersFollowing is the information requested.
This rate of quota will also apply to local authorities in administrative counties which include intermediate areas. For other local authorities the P.W.L.B. quota rate is being raised from last year's figure of 33 per cent, to 40 per cent. of net reckonable capital payments. The minimum entitlement is being increased from £250,000 to £400,000. I estimate that with these increases in quotas local authorities should be able to meet more than half of their net borrowing requirement in 1970–71 from the Public Works Loan Board.