§ Mr. Richard Wainwrightasked the Secretary of State for the Environment what amount of money is to be made available for local authority mortgages as from 1st April 1976; and what restrictions will be imposed upon local authorities in granting mortgages with this money.
§ Mr. ArmstrongAs announced by my hon. Friend on 7th January, the public expenditure provision for local authority mortgages in 1976–77 is £220 million at 1975 survey prices—approximately £276 million at expected out-turn prices. My Department's circular letter to local authorities of 20th January, of which I24W am sending a copy to the hon. Member, set out the Government's intention to direct the use of these resources towards those most in need, and in particular to those who are unable to obtain a loan from a building society.