§ Mr. TruswellTo ask the Chancellor of the Exchequer when he will allow airports owned by local authorities to borrow on normal commercial terms. [59659]
§ Mr. ByersSubject to Parliamentary approval, public sector borrowing controls on financially sound local authority airports would be relaxed from 1 April 1999. This will allow qualifying local authority airports to raise development capital on the money markets to cater for growing demand.
Local authority airport companies will have to meet strict financial criteria before the controls on them are relaxed. The Department of the Environment, Transport and the Regions has launched a consultation exercise into the qualifying criteria.