§ Mr. Sillars
asked the Secretary of State for Scotland what is the current Public Works Loan Board rate for local authority house building; and how this rate 727W compares with that obtaining in each of the last three years.
§ Mr. Dell
I have been asked to reply.
There is no separate Public Works Loan Board rate of interest for local authority house building. The rates of interest on loans by the Public Works Loan Commissioners to local authorities reflect the periods for which the funds are borrowed; separate rates of interest are not prescribed for particular services. The current rate of interest on quota loans of 10 years repayable by instalments, the period for which most loans are advanced to local authorities from the Board, is 10¾ per cent. The corresponding rates of interest in force on 4th February in each of the last three years were:
4th February 1973 9⅛ per cent. 4th February 1974 13⅛ per cent. 4th February 1975 11⅝ per cent.