Clause 2 - Control of borrowing
Local Government Bill
11:00 am
Mr Nick Raynsford (Minister of State (Local and Regional Government), Office of the Deputy Prime Minister; Greenwich and Woolwich, Labour)
I, like the hon. Gentleman, am not a great financial expert. To put it charitably, it is the partially sighted leading the partially sighted on this issue. However, I think that the provisions in clause 5 that give local authorities the scope for temporary borrowing in order to solve genuine cash-flow problems would cover the case that he describes.