§ Mr. Cantasked the Secretary of State for the Environment if, in view of the fact that the combined local authority borrowing needs and debt interest payments will exceed £5,000 million for 1975–76, he will make a statement of the powers of the Public Works Loan Board as a lender of last resort.
§ Mr. DellI have been asked to reply
The powers of the Commissioners of the Public Works Loan Board to make loans to local authorities are provided by the Natonal Loans Act 1968. The function of the board, as lender of last resort, is to make loans to a local authority at the appropriate rate of interest, if the board is satisfied that the authority cannot raise funds on the market to meet its borrowing needs.