§ Mr. Tony Banksasked the Secretary of State for the Environment what was the weighted average interest rate on the loan debt of London boroughs in 1982–83 compared with the Greater London council's; and what are the implications of this for the cost of financing future capital programmes that will have to be undertaken by the boroughs if the Greater London council is abolished.
§ Mr. Waldegrave[pursuant to his reply, 22 March 1984, c. 534]: The average rate of interest paid on the loan debt of London boroughs in 1982–83 was 12.06 per cent. compared with 11.6 per cent. paid on the loan debt of the
*Local Authorities, England: Gross Capital Expenditure £ million outturn 1978–79 1979–80 1980–81 1981–82 1982–83 Metropolitan Counties 148 149 201 208 229 Metropolitan Districts 756 959 949 769 1101 GLC and London Borough Councils 1,098 1,302 1,351 1,117 1,305 Non-Metropolitan County Councils 496 595 740 643 719 Non-Metropolitan District Councils 1,205 1,306 1,273 1,183 1,553 Miscellaneous Authorities 22 30 28 45 54 All authorities, England 3,725 4,341 4,541 3,964 4,960 * Gross capital expenditure is all capital expenditure charged to capital accounts or charged direct to revenue or other funds. Where an authority undertakes agency work for another authority the expenditure is included by both authorities. Source: "Local Government Financial Statistics", figures for 1978–79 and 1979–80 have been adjusted to include uncapitalised expenditure to make them consistent with figures for later years; figures for 1982–83 are derived from local authorities' outturn forms recently received.