§ Mr. LeighTo ask the Secretary of State for the Environment if he will give the National Rivers Authority powers to borrow in order to finance its flood defence work.
§ Mr. RidleyI am happy today to announce our decision that the National Rivers Authority should have borrowing powers in relation to its flood defence functions. This decision recognises the importance which is widely attached to the availability of borrowing powers to cope with the need for unexpected expenditure. It meets this concern and demonstrates the Government's firm commitment to ensure that the NRA has all the powers it needs to operate effectively.
Accordingly, we have today tabled an amendment to the Water Bill that will enable the NRA to undertake not only temporary borrowing, for which the Bill already provides, but long-term borrowing for its flood defence functions. We do not expect that these powers will need to be used very often, and their use will be restricted to situations where the NRA is faced with expenditure for which it had been impossible to plan.
With the addition of these powers the National Rivers Authority's Flood defence committees will have all the powers it needs to continue its vital work as effectively as it has in the past.