§ Mr. RaynsfordTo ask the Secretary of State for the Environment what is his latest estimate of the total accumulated capital receipts held by local authorities which are not available for investment.
§ Mr. BaldryLocal authorities are not required to account for the reserved part of capital receipts separately from other amounts set aside as provision to meet credit liabilities—PCL.
At 31 March 1992, the total balance held by local authorities as PCL was around £6.5 billion. Amounts held 256W as PCL may be used to repay debt, to meet liabilities in respect of credit arrangements, or, with the authority of a credit approval, to meet capital expenditure. In the interim, such amounts would generally be represented by financial investments.