§ 73. Sir M. Galpernasked the Chancellor of the Exchequer what action he is now contemplating to afford protection to local authorities from the full effects of the increase in the Bank Rate.
§ Mr. CallaghanIn accordance with normal practice, some of the additional expenditure on interest charges incurred by local authorities will be met by increases in Exchequer grants, and the appropriate Orders are being laid today by my right hon. Friends the Minister of Housing and Local Government and the Secretary of State for Scotland. As I told the House on 23rd November, I am considering whether some means can be found of mitigating the effect of the increase in Bank Rate on the housing programme.