Public Works Loan Board

HC Deb 28 January 2002 vol 379 cc10-1W

Lynne Jones

To ask the Chancellor of the Exchequer what the Public Works Loan Board's interest rate on new loans is and what the rate has been in each of the last five years. [30351]

Ruth Kelly

The interest rate applied to a new PWLB loan is dependent on the maturity of the loan, the method of repayment the authority has chosen and the underlying gilt yield curve. It is also affected by the progress a local authority has made in applying its provisions set aside to meet credit liabilities.

The range of PWLB interest rates applicable at 22 January in each of the last five years was:

• 1998: 6⅛to 7 9/16 per cent.
• 1999:4⅜ to 5 13/16, per cent.
• 2000:5¼ to 6¾ per cent.
• 2001: 4¾ to 5½ per cent.
• 2002: 4 1/16 to 5¼per cent.