HC Deb 19 May 1953 vol 515 c117W
12. Mr. Holt

asked 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. Butler

Since 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.