26. Mrs. Slaterasked the Chancellor of the Exchequer what will now be the 202W total cost of a school for which the tender price is £170,000, based on the 7 per cent. interest charges.
§ Mr. BarberLocal authorities customarily borrow thirty-five years for school building projects. As announced today in the reply given to the hon. Members for Salford, East and Rowley Regis and Tipton, from 5th August the rate of interest on loans from the P.W.L.B. for that period will be 7 per cent. On this basis, the repayments of capital and interest on a loan of £170,000 for school building would amount to £458,000.