Local Authorities (Rates of Interest)

HC Deb 30 March 1982 vol 21 cc73-4W

Mr. Cartwright

asked the Secretary of State for the Environment what is his estimate of the average rate of interest paid by local authorities during 1979–80, 1980–81 and 1981–82; and what is his forecast of the average rate to be paid during 1982–83.

Mr. King

The information requested is as follows:

	Average rate of interest (per cent.)
1979–80	12.06
1980–81	13.02
1981–82	13
1982–83	13

The figures for 1981–82 and 1982–83 are the assumptions used for the purposes of the rate support grant settlements, and are based on available information about the structure of local authority outstanding debt at 31 March 1981.