§ 32. Mr. RammellTo ask the Secretary of State for Transport, Local Government and the Regions if he will make a statement on the proposal for reform of capital financing for local government contained in the local government White Paper. [36676]
§ Dr. WhiteheadWe propose to allow local authorities to borrow without our consent, provided that the debt is affordable. Affordability will be assessed in accordance with a code being drawn up by the Chartered Institute of Public Finance and Accountancy. We shall introduce legislation as soon as Parliamentary time allows.