§ Mr. Rost
asked the Secretary of State for the Environment what is the current level of total net borrowings of local authorities; by how much it is expected to increase during the current financial year; what proportion has been borrowed in foreign currency since March 1973; and what is the estimated interest during the current year payable on total net borrowings.
§ Mr. Oakes
Exact figures are not available but the outstanding debt of local authorities in England and Wales at 31st March 1974 is about £18,000 million and it is estimated that it will have increased to £19,5043 million by 31st March 1975. Of this sum £500 million has been raised in foreign currency since March 1973. The interest payable during the current year is estimated to be £1,880 million.