The present rates charged are 2 per cent. for loans of less than five years, 2½ per cent. for loans of five to 15 years and 3 per cent. for loans for 15 years and longer. The rates of interest charged to local authorities are fixed from time to time to correspond broadly with Government borrowing rates for comparable periods.
This is a very important dispute, and I am sure that the Chancellor of the Exchequer and the Minister of Health will both be receiving many resolutions from local authorities, similar to that which was passed by my local authority last night. Can the Chancellor find an opportunity of making a full statement on this matter to the House?