HC Deb 20 December 1968 vol 775 cc483-4W
Mr. Monro

asked the Chancellor of the Exchequer on which debts since 1960 the Public Works Loan Board rate of interest for loans to local authorities has been changed; and what rate was set on each occasion.

Mr. Harold Lever

The information required is published in "Financial Statistics No. 67" issued in November, 1967 and "Financial Statistics No. 80" issued in December, 1968.

Mr. Monro

asked the Chancellor of the Exchequer how much is currently provided by the Public Works Loan Board as loans to local authorities; and what percentage of that figure is in the form of loans to Scottish local authorities.

Mr. Harold Lever

In the White Paper "Loans from the National Loans Fund 1968–69" was estimated that the Public Works Loan Board would lend about £635 million gross this financial year. It is likely that some 15 per cent. of the Board's total lending this year will be to local authorities in Scotland; the precise proportion will depend on whether authorities choose to come to the Board for the full amounts to which they are entitled.

Mr. Monro

asked the Chancellor of the Exchequer what rules govern the amount of money a local authority may borrow from the Public Works Loan Board.

Mr. Harold Lever

The rules are set out in the White Paper "Loans from the National Loans Fund 1968–69"(Cmnd. 3565). Authorities in Scotland are permitted in 1968–69 to draw from the Board 40 per cent of their net capital payments or £100,000, whichever is the greater, plus 40 per cent. of any longer-term borrowings they might need to reduce their temporary loan debt to the prescribed limit.