Orders of the Day — Home Purchase Assistance and Housing Corporation Guarantee Bill

Part of the debate – in the House of Commons at 12:00 am on 20 February 1978.

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Photo of Mr Hugh Rossi Mr Hugh Rossi , Haringey Hornsey 12:00, 20 February 1978

Perhaps the Minister will help me with regard to local authorities. Instead of putting this on the general rate fund, as the proposal appears to be, could not the authorities be allowed to renegotiate these loans? I understand that under present financing they borrow over a 60-year period and that the rate at which they borrow at the time remains the same for the whole of the period. Are there great financial objections to enabling local authorities on repaying that loan to reborrow at lower interest rates?