§ Mr. Charles Irvingasked the Lord President of the Council what was the cost of the interest paid on the Catering Sub-Committee's overdraft during the years ended 31st March 1974, 1975 and 1976; what steps he is taking to eliminate the catering overdraft; and what interest rate was charged on the catering overdraft in 1974, 1975 and 1976 and by whom.
§ Mr. FootThe cost of interest on the overdraft, which is with Drummonds Branch of the Royal Bank of Scotland, in the years ending 31st March 1974, 1975 and 1976 was £9,113, £23,364 and £44,191 respectively. The Catering Sub-Committee do not think it would be appropriate for the rate of interest to be disclosed.
The Report of the Committee chaired by my hon. Friend the Member for Bethnal Green and Bow (Mr. Mikardo) suggested a number of ways in which the financial position of the Refreshment Department might be improved, and these are being considered.