§ Mr. Andrew MitchellTo ask the Secretary of State for the Environment what plans he has to restrict the access of local authorities to private financial markets; and if he will make a statement.
§ Mr. Gummer[holding answer 4 April 1989]: Clause 34 of the Local Government and Housing Bill provides that, where local authorities are authorised to borrow money, they will be able to do so by borrowing from authorised banking institutions, from the National Debt Commissioners or the Public Works Loan Commissioners, from the private sector by means of loan instruments as defined in subsection 34(4), or, with the consent of my right hon. Friend, by other means. It would be for the authorities to decide which of these means to use.