§ 54. Mr. Batsfordasked the Minister of Housing and Local Government if he will make a statement on his decision to cut by £20 million, the sum of £50 million sanctioned by this House in the Greater London Council Money (No. 2) Bill on 9th May 1967 for the Greater London Council for their home loans scheme.
§ Mr. GreenwoodI would refer the hon. Member to the reply which I gave210W to the hon. Member for Harrow, Central, (Mr. Grant) on 4th July.
The Greater London Council (Money) Act 1967 provides the Council with power to borrow up to a maximum amount for advances for house purchase and certain other purposes. There has been no "cut" here. But the amount actually advanced must be related to the overall total available for lending for this purpose by local authorities in the whole of the Country, that is to say £130 million.—[Vol. 749, c. 219.]