§ 12. Mr. Robert Hughesasked the Secretary of State for Scotland if he will estimate the increased cost to local authorities in Scotland to meet increased interest charges on capital borrowing.
§ Mr. YoungerI estimate that the cost to local authorities of the increase in interest rates between November 1972 and September 1973 is of the order of £30 million. About two-thirds of this will relate to housing debt and will be relevant to the calculation of housing expenditure subsidy.