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Interest Rates

Volume 498: debated on Tuesday 8 April 1952

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asked the Minister of Housing and Local Government how many local authorities are having to pay the new rates of interest on houses which were actually under construction at the time the interest rate was raised to 3¾ per cent., but in respect of which loans had not actually been taken up.

Is the Minister not aware of the confusion and disappointment caused to local authorities by the operation of this higher rate of interest, and will he not now withdraw the whole thing in view of the county council elections?

I think the hon. Gentleman is rather extending the scope of his Question.