Clause 5. — (Expenses of Minister of Health and Department of Health for Scotland.)

Orders of the Day — Housing (Rural Authorities) Bill. – in the House of Commons on 14th July 1931.

Alert me about debates like this

Photo of Mr Irving Albery Mr Irving Albery , Gravesend

I beg to move, in page 4, line 9, to leave out the word "fifteen," and to insert instead thereof the word "ten."

The purpose of the Amendment is to alter the rate of interest for calculating the capital value of contributions made by the Minister. The first point is that, so far as one can calculate in these difficult times, 4½ per cent. appears to be a more correct rate of interest than 4¾ per cent. The second point is that, when the right hon. Member for Penryn and Falmouth (Sir J. Tudor Walters) mentioned in his speech on the unemployment Debate a rent of 2s. 6d., he said that this was based on borrowing the money at a rate of interest of 5 per cent. If the rate were 4½ per cent. or ½ per cent. down, that would make a difference of 6d. in the rent. If we gain ¼ per cent. on the rate of interest, we may hope to benefit by 3d. in the rent.

Photo of Mr Arthur Greenwood Mr Arthur Greenwood , Nelson and Colne

I think 4½ per cent. is a good rate of interest. I shall not oppose the Amendment.

Amendment agreed to.

Clause 6 (Short title and extent) ordered to stand part of the Bill.

Bill reported; as amended, to be considered upon Thursday, and to be printed [Bill 206].