Local Authorities (Repayment of Debts).

Part of Oral Answers to Questions — British Army. – in the House of Commons on 7th May 1940.

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Photo of Sir Joseph Leech Sir Joseph Leech , Newcastle upon Tyne West

asked the Chancellor of the Exchequer whether, in view of the fact that some municipal borrowers are now unable to repay earlier debt or to convert it at lower rates of interest owing to their having used their sinking funds for meeting further capital expenditure, instead of for gradual repayment of earlier debt, he will make it a condition of future borrowing by local authorities that sinking funds shall be set up and applied to the repayment of related debt, and to no other purpose?