This is the original version (as it was originally made). This item of legislation is currently only available in its original format.
British
and Irish Legal Information Institute
Freely Available British and Irish Public Legal Information
[Home] [Databases] [World Law] [Multidatabase Search] [Help] [Feedback]
United Kingdom Statutory Instruments
You are here: BAILII >> Databases >> United Kingdom Statutory Instruments >> The Local Loans (Increase of Limit) Order 2019
URL: http://www.bailii.org/uk/legis/num_reg/2019/uksi_20191317_en_1.html
[New search] [Printable PDF version] [Help]
Statutory Instruments
2019 No. 1317
Local Loans
The Local Loans (Increase of Limit) Order 2019
Made
8th October 2019
Coming into force in accordance with article 1
The Treasury make the following Order in exercise of the powers conferred by section 4(1) of the National Loans Act 1968(1) ("the Act").
In accordance with section 4(2) of the Act, a draft of this Order has been laid before and approved by resolution of the House of Commons.
1. This Order may be cited as the Local Loans (Increase of Limit) Order 2019, and comes into force on the day after the day on which it is made.
2. The sum of £95 billion is specified for the purposes of section 4(1) of the Act.
Mike Freer
Colin Clark
Two of the Lords Commissioners of Her Majesty's Treasury
8th October 2019
EXPLANATORY NOTE
(This note is not part of the Order)
Section 4(1) of the National Loans Act 1968 (c. 13) limits the aggregate amount that may be outstanding in respect of commitments entered into by the Public Works Loan Commissioners to grant local loans and the principal amount of any local loans.
This Order increases that limit from £85 billion to £95 billion.
A full impact assessment has not been produced for this instrument as no impact on the private, voluntary or public sector is foreseen.
(1)
1968 c. 13; section 4 was substituted by section 125(1) of the Finance Act 1984 (c. 43) and subsection (1) was amended by section 300(1) of the Finance Act 2014 (c. 26).