§ 127. Mr. Proctorasked the Minister of Health what proportion of the sum paid in rates to the local authorities is used to defray the interest charges on loans of all kinds; and what is the total sum so used.
§ Mr. BevanThe interest payments of local authorities arc a charge on all their revenues, of which rates are only a part. A substantial item in these revenues consists of housing and other rents, fees, etc., while grants from the Exchequer provide a major contribution. The returns made to the Department for the year 1942–43 (the latest year for which complete information is yet available) show the interest charges of local authorities in England and Wales on rate fund services to be £42 million, while the income on revenue account from rents, etc., rates and grants amounted to £79 million, £200 million and £247 million respectively, a total of £526 million. Interest charges were thus 8 per cent. of all the revenues.