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Housing Loans (Local Authorities)

Volume 155: debated on Wednesday 28 June 1922

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21.

asked the Minister of Health if he will state the total amount of money borrowed for the purposes of financing the various Government assisted housing schemes by local authorities; the terms on which the money has been raised, including particulars of the amounts borrowed for periods, with or without a break clause, of five years and less, also for 10, 15, 20 years, and for over 20 years; and the rates of interest payable?

I must refer the hon. Member to the very full statement furnished in reply to his question of the 22nd March. Later information for the whole country is not yet available.

22.

further asked the Minister of Health whether, in view of the fall in the bank rate, he will favourably consider making loans to local authorities at a rate of interest not exceeding 3½ per cent., repayable over 60 years, to enable them without further State assistance to erect houses in those districts where serious overcrowding still continues and where there are large numbers in the building trades out of work?

No, Sir. The terms on which the Local Loans Fund can lend depend on the price at which local loans stock can be issued, which is only indirectly affected by changes in the bank rate. The hon. Member's proposal would involve a new Government subsidy for housing.

Has the right hon. Baronet in mind that the Government lent to Ireland many millions of money on more favourable terms, and why should not this country have the same advantage as has been given to the sister island?