§ Mr. Chris Smithasked the Chancellor of the Exchequer what is the net effect on the public sector borrowing requirement of each £100 million of local authority expenditure on (a) building new dwellings, (b) improvement investment and (c) house renovation grants, taking into account income from taxes and national insurance contributions, and expenditure on all social benefits.
§ Mr. Peter Rees[pursuant to his reply, 18 June 1984, c. 36]: The net effect of additional local authority expenditure on the public sector borrowing requirement will depend, among other factors, on how that expenditure is financed and on the stance of monetary policy.