HC Deb 03 July 1974 vol 876 cc203-5W
Mr. Pardoe

asked the Chancellor of the Exchequer if he will seek powers to prevent local authorities lending money to the money market.

Mr. Dell

I do not consider that any further powers are needed. There may be times when it is prudent for local authorities to invest sums which are temporarily surplus to their needs. The district auditor keeps such transactions under close review. It is certainly no part of the functions of a local authority to borrow knowingly to invest in the money market.