§ Mr. Powellasked the Chancellor of the Exchequer what proportion of the total advances made to local authorities during the period 1st August, 1945, to 31st March, 1953, was financed by Government borrowing.
5W
§ Mr. MaudlingThe net advances from the Exchequer under the Local Authorities Loans Act, 1945, in the period 1st August, 1945, to 31st March, 1953, were £1,837 million. These advances, with the other payments for which the Treasury had power to borrow, were all issued from the Exchequer below the line. My hon. Friend will, however, be aware that in each year after 1946–47 there was a Budget surplus of revenue over expenditure above the line, which was applied in redemption of debt and should, therefore, be set against the sums borrowed to finance the payments below the line.