Mr. Edward M. Taylorasked the Secretary of State for Scotland what estimate he has made of the cost to local authorities in Scotland of the further increase in Bank Rate.
§ Mr. RossThe cost to local authorities of any change in interest rates depends on how long the new rate is maintained. They are, however, protected to a large extent from the effect of higher interest rates by the current housing subsidy arrangements and by the provision for redetermining the rate support grants to take account of price variations.