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 Mr John Simon Mr John Simon , Spen Valley

I am not aware that any local authority has, for the reason stated, been unable to repay debt due for repayment, and I could not agree with the condition which my hon. Friend suggests should be attached to all future borrowings by local authorities. I would remind him that a Select Committee of this House reported in 1909 that the principle of utilising sinking funds for purposes for which local authorities have borrowing powers was, if properly safeguarded, financially unobjectionable. The principle is also authorised by Statutory Regulations which have been approved by both Houses of Parliament.