§ 57. Mr. Manuel
asked the Chancellor of the Exchequer whether the Public Works Loan Board rate of interest for Scottish local authority borrowing will be raised arising from the increase in the Bank Rate.22W
Public Works Loan Board rates reflect the cost of local authority borrowing in the market and changes are made whenever alterations in the market rate justify this. As stated in the reply given to the hon. Member for Honiton (Mr. Mathew) on 15th July, the lending rates of the P.W.L.B. were increased as from 16th July, 1960.