I beg to move, in page 8, line 2, to leave out from "advances" to the second "shall" and to insert—

(a) shall carry interest at the rate fixed by the Treasury under section one of the Public Works Loans Act, 1897, in respect of loans to local authorities made on the same date and for the same period, and

(b).

This Amendment arises out of a discussion we had in Committee upstairs and goes somewhat further than the proposal I made in Committee. I hope that for that reason it will not receive any less support from the right hon. Gentleman. The object is that where the money is advanced to housing associations the rate of interest shall be that which applies to loans from the Public Works Loan Board and shall not be less. In some expectation that this Amendment will not be trampled on with the usual ruthlessness the Minister has shown, I put it before the House.

My right hon. Friend thinks this Amendment clarifies his intention and is, in fact, an improvement on the Bill as originally drafted. He hopes that the House will accept the Amendment.