I would not have ventured to suggest answering this Question but for the fact that this is a matter of wide interest, and I thought that the House should not be deprived of the information because of the hon. Member's late arrival. I answer it with the permission of the House, of course. The answer is as follows:

Yes, Sir. The redemption of Local Loans Stock has created a disposable surplus of £15 million in the Local Loans Fund. This surplus will be used to reduce all rates of interest on outstanding balances from the fund, in excess of 4¼ per cent. to this figure. This does not affect the so-called "Addison" loans to local authorities, where relief is already given by the Exchequer. This reduction will take effect from 1st June, 1947. Two-thirds of all the local authorities concerned, numbering nearly 2,000, will benefit from these reductions of interest rates. Most of these are small authorities, with very limited financial resources. This relief will, therefore, be both widespread and substantial. It is a further practical example of the benefit to the nation of cheaper money.