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APPROVAL GIVEN FOR BORROWING BY THE ISSUE OF STOCK (HANSARD)

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Mr Clinton-Brown (Con, Cirencester and Tewkesbury), asked the environment secretary if he would clarify the powers ...
Mr Clinton-Brown (Con, Cirencester and Tewkesbury), asked the environment secretary if he would clarify the powers of local authorities to borrow by the issue of stock (WA, col 277).

Local government minister, David Curry, replied: 'I am aware that some local authorities are contemplating borrowing by the issue of stock. I am also aware that authorities' power to borrow in this way are not considered clear, the government has no objection to the issue of stock by authorities, my right Hon Friend had there for today given an approval, with the consent of the Treasury, to this form of borrowing. I understand that my right Hon friend the Secretary of State for Wales has issued a similar approval today in respect of local authorities for Wales.

'It remains for the Government's policy that the great majority of local authorities' requirements for borrowing should be met by the Public Works Loan Board.'
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