§ Mr. Barry FieldTo ask the Secretary of State for the Environment what assistance he proposes to make available to London boroughs and the Common Council 415W during 1993–94 in respect of the extra costs due to his decisions on housing revenue account subsidy in respect of debt from the former Greater London council; and if he will make a statement.
§ Mr. Redwood[pursuant to his answer, 17 February 1993, c. 283–84]: To assist authorities further, my right hon. and learned Friend intends to change the statutory rules on minimum revenue provision so as to reduce the required minimum repayment of principal deemed debt in 1993–94 from an amount of 4 per cent. of the deemed debt to an amount of 0.5 per cent. of the deemed debt.
I am arranging for London boroughs and the Common Council to be notified today of my right hon. and learned Friend's intentions, so that authorities can take account of them when setting their budgets for 1993–94.