§ Mr. Marlowasked the Secretary of State for the Environment what is the cost of new public expenditure to be incurred in each of the following five years in building the new city of Milton Keynes in terms of (a) capital and (b) revenue effects, including interest on capital.
§ Mr. Geoffrey FinsbergThe present capital allocations for 1979–80 provide for new capital expenditure by Milton Keynes development corporation of £63 million. In addition the corporation estimates that there will be investment of about £22 million by other public bodies and private investment of about £68 million.
The corporation hopes to be able to maintain its expenditure at this general level over the next five years but this depends on decisions about public expenditure which have not yet been taken. The revenue effects of the corporation's capital expenditure will depend on the size of its future capital allocations and on the level of interest rates when the money is borrowed. They cannot therefore be predicted with confidence.