§ Mr. Martenasked the Minister of Housing and Local Government what is the estimated increase in cost of the average local authority house as the result of the recent rise in Bank Rate.
§ Mr. CrossmanIt is too early to judge what effect increased Bank Rate will have on prices quoted by contractors; existing contracts are mainly fixed price and will not be affected. As regards the cost to local authorities of financing new housebuilding it is not possible to estimate how long present interest rates will last, and I do not think that any figures which could be produced would be worth while.