§ 23. Mr. Peter Walkerasked the Minister of Housing and Local Government what were the average interest rates paid by local authorities during the period from 1952–53 to 1963–64, and during the period from 15th October 1964 to date.
§ Mr. CrossmanThe average rate of interest paid by local authorities in England and Wales on their outstanding debt rose from 3.5 per cent. in 1952–53 43W to 4.8 per cent. in 1962–63 and is estimated to have remained at that rate in 1963–64. Figures for 1964–65 are not yet obtainable. There is no possible means of calculating centrally the average rate of interest on either total debt or new borrowing during the period 15th October, 1964, to a current date since local authority accounts are normally on an annual basis.