HC Deb 25 February 1930 vol 235 cc2086-7W
Mr. GRAHAM WHITE

asked the Financial Secretary to the Treasury the rate of interest charged on loans issued from the Local Loans Fund when the Bank Rate was 6 per cent. and the rate of interest in force at present?

Mr. PETHICK-LAWRENCE

The rate of interest charged on loans from the Local Loans Fund is fixed by reference to the cost of financing the fund by the issue of long-term stock and not by reference to Bank Rate. With Bank Rate standing at 6 per cent., the local loans rate has on different occasions stood at 5½ per cent., 6 per cent., 6½ per cent. and 5¼ per cent. The present local loans rate is 5¼ per cent.