§ Sir C. Osborne
asked the Minister of Housing and Local Government if he is aware that the London County Council is charging 7¼ per cent. on housing loans; if he was consulted before this rate was 258W introduced; how long he expects it to operate and if he will make a statement.
§ Mr. Crossman
I am aware of this increase. The London County Council's home loans scheme provides for an interest rate ⅜ per cent. above the higher rate charge by the Public Works Loan Board. I would therefore expect the council's lending rate to reflect any favourable turn in P.W.L.B. rates.