§ 23. Mr. Haleasked the Chancellor of the Exchequer the estimated increased financial burden to local authorities involved in the recent increases of the Bank Rate and of the consequent increases of loan charges.
§ Mr. H. BrookeI regret it is not possible to give the hon. Member an estimate.
§ 24. Mr. Haleasked the Chancellor of the Exchequer whether he is aware that the interest rates on short-term loans negotiated by the Oldham Borough Corporation have doubled as a result of the recent increases in the Bank Rate; and what action he proposes to take to relieve local authorities from these additional burdens.
§ Mr. H. BrookeI am not aware of the particular borrowing arrangements by the County Borough of Oldham to which16W the hon. Member refers. The increased cost to local authorities of borrowing is one of the inevitable accompaniments of the increase in the Bank Rate, which my right hon. Friend considered necessary in the national interest.