§ Mr. Sillarsasked the Chancellor of the Exchequer if he has received representations from Maybole Town Council expressing concern about the effect of present interest rates on the financial affairs of local authorities; and what action he is taking to reduce the rates charged to local government organisations.
§ Mr. NottMy right hon. Friend has received representations from Maybole400W Town Council. Rates of interest charged to local authorities on loans from the Public Works Loan Board are required by statute to reflect current yields on gilt-edged securities. But local authorities are assisted in meeting loan charges through the rate support grant arrangements and through housing subsidies.