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Local Government: Loans

Volume 498: debated on Monday 2 November 2009

To ask the Chancellor of the Exchequer how many local authorities in (a) Norfolk and (b) England have current loans from the Public Works Loan Board; when each loan was taken out; what interest rates are being charged on each; what the term of each loan is; and how much interest has been paid on each to date. (292688)

A complete answer can be provided only at disproportionate cost.

At 31 March 2009, 296 of the 446 principal authorities in England, Scotland and Wales had loans outstanding with the PWLB. A summary of total outstanding loans from the PWLB to Norfolk local authorities is tabled as follows:

£

Norfolk county council

553,908,510

Norfolk police authority

17,812,899

Great Yarmouth borough council

26,022,968

Norwich city council

70,018,955

A summary of PWLB lending to these local authorities by advance date, interest rate and term has been placed in the House of Commons Library.

Total outstanding PWLB debt owed by authorities in England at 31 March 2009 was £40,842,357,987.

Total overall PWLB debt across the UK, at 31 March 2009, was £50,853,477,721 at an average term of 27.4 years and average interest rate of 5.501 per cent.