Local Authorities' Surplus Funds (Investment)

Part of Oral Answers to Questions — National Finance – in the House of Commons on 25th April 1944.

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Photo of Mr Ralph Assheton Mr Ralph Assheton , Rushcliffe

Local authorities, as trustees for the ratepayers, have a duty to invest surplus funds and to secure interest on them. Failure to invest surplus funds would render the authority liable to challenge at audit or otherwise by any ratepayer. It is not considered desirable to take any steps to alter this position.