I should point out that this is a question ofnetborrowingsand not of the level of investment, which is a quite different matter.
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What the order is recognising, therefore, is that the totalnetborrowingsof local authorities for this year will be £4,750 million—nearly £5,000 in round figures.
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With the continuing growth in capital requirements foreseen, thenetborrowingsin the next four or five years are expected to lie between £400 million and £500 million a year.
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