Clause 6 - Protection of lenders

Local Government Bill

Public Bill Committees, 28 January 2003, 10:00 am

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Question proposed, That the clause stand part of the Bill.

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Mr Philip Hammond (Runnymede & Weybridge, Conservative)

Will the Minister confirm that clause 6 merely reiterates the current state of the law following historic disasters that have befallen lenders?

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Mr Nick Raynsford (Minister of State (Local and Regional Government), Office of the Deputy Prime Minister; Greenwich & Woolwich, Labour)

I am pleased to give the assurance that the hon. Gentleman seeks and to reassure him that I will not get into a lengthy ramble through the delights of Allerdale, Hammersmith and Fulham, interest rate swaps and all the other arcane issues of local government finance. As he identifies, the provision provides a safe harbour as per existing arrangements.

Question put and agreed to.

Clause 6 ordered to stand part of the Bill.

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