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Local Authorities (Finance)

Volume 990: debated on Thursday 7 August 1980

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asked the Secretary of State for the Environment whether he considers he has adequate control over the amount of loans raised by local authorities through the money market or directly from the public.

My right hon. Friend has a general and overall power under paragraph 1(b) of schedule 9 to the Local Government Act 1972 to control the purposes for which local authorities may wish to borrow money. In addition, where a local authority choose to borrow money in a particular way, for example, either by the issue of stock, bonds or bills, or from outside the United Kingdom, that borrowing will be subject to further Government control.