§ Mr. Leeasked the Secretary of State for the Environment what is the estimated total annual cost to all local authorities in England and Wales of a 1 per cent. increase in the interest rate of Public Works Loan Board; and what were the corresponding figures for 1950, 1960 and 1970.
§ Mr. John SilkinIt is estimated that local authorities in England and Wales will borrow £2,120 million from the Public Works Loan Board in the present financial year. Most local authorities now choose to borrow for 10 years and to repay by equal instalments of principal. A 1 per cent. increase in the interest rate would cost local authorities approximately £21 million in the first year and one-tenth less in each succeeding year.
Corresponding borrowings by local authorities in England and Wales were:
Year ending £ million 31st March 1951 … 301 31st March 1961 … 36 31st March 1971 … 760 The low figure for 1961 is due to the fact that between October 1955 and
Direct expenses of collecting Tolls Number of staff employed Amount received in Tolls (a) Average Weekday … … £234 20 £3,283 (b) Average Saturday … … £326 20 £3,037 (c) Average Sunday … … £326 20 £3,169 (d) Bank Holiday (Easter Monday 1975) … … £326 19 £5,429 (e) In total over 1974–75 … … £153,691 39 £1,208,599