Oral Answers to Questions — Housing, Scotland – in the House of Commons at 12:00 am on 6 March 1956.
Mr William Ross
, Kilmarnock
12:00,
6 March 1956
asked the Secretary of State for Scotland if he will estimate the increased cost over sixty years of financing the slum clearance programme detailed in table II of Command Paper No. 9685, taking £1,700 as the average cost per house, as a result of the increases in interest charges since January, 1952.
Mr James Stuart
, Moray and Nairnshire
The increase in the interest rate from 3¾ per cent. in January, 1952, to 5¼ per cent. now, adds 25s. 11d. to the loan charges for every £100 borrowed. It cannot be assumed, however, that the loan charges on all the houses referred to will be at the current rate of interest, or that all the houses will be built at a cost of £1,700.
Mr William Ross
, Kilmarnock
While I agree, is it not reasonable to expect that the Secretary of State should answer the Question which I put upon the Paper? I asked him to take that figure in order to guide us as to the actual increased burden of the local authorities. Is the right hon. Gentleman aware that he has completely dodged the issue? Will he let us know what the financial burden is to be on Scottish local authorities because of Government policy?
Mr James Stuart
, Moray and Nairnshire
I have answered the Question on the Paper, and have told the hon. Gentleman that 25s. 11 d. is added for every £100 of capital borrowed.
Secretary of State was originally the title given to the two officials who conducted the Royal Correspondence under Elizabeth I. Now it is the title held by some of the more important Government Ministers, for example the Secretary of State for Foreign Affairs.