§ Mr. Oakesasked the Secretary of State for the Environment what is his estimate of the cost to local authorities in England and Wales of the increase in Bank Rate to 13 per cent.; and if he will take steps to assist local authorities in this matter.
§ Mr. Graham PageI cannot give such an estimate, which depends upon a knowledge, which I cannot have, of how much local authorities need to borrow during the period at which interest rates stand at this level. But in so far as there is any increase in the amounts paid by local 317W authorities above that foreseen in the current rate support grant negotiations, it would be taken into account when the making of any subsequent increase order is under consideration.