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Stocks and Shares: Local Government

Treasury written question – answered on 15th October 2012.

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Photo of John Mann John Mann Labour, Bassetlaw

To ask the Chancellor of the Exchequer when and for what purpose his Department barred local government from buying derivatives.

Photo of Greg Clark Greg Clark The Financial Secretary to the Treasury

My Department has never barred local government from buying derivates. The issue of whether local authorities could lawfully use derivatives was decided in 1991 in the House of Lords (Hazell v. Hammersmith & Fulham London Borough Council) where it was judged to be ultra vires.

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