HC Deb 17 October 1994 vol 248 cc20-1W
Mr. Spearing

To ask the Secretary of State for the Environment if he will state for the London borough of Newham the capital debt and relevant interest paid in respect of borrowing sanctioned by him or other Ministers in the year 1993–94 and the related standard spending assessment and basis of its calculations.

Mr. Robert B. Jones

The level of borrowing undertaken in 1993–94, and the terms of any such borrowing, were a matter for the borough, subject to the limits permitted under part IV of the Local Government and Housing Act 1989.

The SSA element for debt charges is intended to cover in full the financing costs associated with the appropriate amount of debt which would allow an authority to provide a standard level of service. It is based on those elements of the 1989–90 grant-related expenditure assessment relating to capital financing and credit approvals issued since 1 April 1990. It excludes credits approvals and assumed debt associated with the housing revenue account and credit approvals which are not expected to lead to a net increase in long-term borrowing. Newham's SSA element for debt charges in the 1994–95 revenue support grant settlement was £18.903 million. This financing cost was based on assumed debt outstanding for SSA purposes of £136.512 million at 1 April 1994 and estimated credit approvals for 1994–95 of £9.115 million. The estimate of 1993–94 credit approvals used in the calculation of assumed debt outstanding at 1 April 1994 was £9.476 million.