HC Deb 10 December 1968 vol 775 cc75-6W
58. Mr. Howie

asked the Minister of Housing and Local Government what is his estimate of the effect of the recent reduction in Bank Rate on the balance in the Housing Revenue Account of Luton County Borough Council for 1968–69, taking into account the rent increase permitted in September.

Mr. MacColl

For new housing built by the council the Housing Subsidies Act, 1967, will effectively reduce the interest rate met by them to about 4 per cent., irrespective of variations in borrowing rates. I cannot say how far the council will now alter their estimate of the cost of re-financing earlier housing debt.

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