§ Mr. David Watkinsasked the Secretary of State for Energy by what statutory authority electricity boards charge deposits to applicants for supply; when the rate of interest on deposits was last revised; and what proposals he has for further revision.
§ Mr. Norman LamontThe statutory authority is contained in paragraph 27 of the schedule to the Electric Lighting (Clauses) Act 1899; the rate of interest payable on these deposits was raised by the supply industry to its current level of 10 per cent. on 1 April 1976. Subject to the statutory requirements of the Act, further revision of the interest rate is a matter for the industry.