§ 12. Mr. Holtasked the Chancellor of the Exchequer the effect to date of the greater freedom given to local authorities to borrow on the open market since 31st December, 1952; how much has been borrowed on the open market; and how much through the Public Works Loan Board; and if he will now remove the restriction which imposes a maximum period for borrowing of seven years.
§ Mr. R. A. ButlerSince 1st January, 1953, local authorities have borrowed £13 million by stock issued in the market. I have no information about the amounts borrowed by private mortgages since that date. The Public Works Loan Board have, this year, so far advanced £185.636,296 to local authorities.
I assume that the last part of the Question refers to the requirement that borrowing by local authorities should be for a period of not less than seven years. I see no reason to alter this requirement at present.