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Statutory Instruments
2024 No. 1201
Local Loans
The Local Loans (Increase of Limit) Order 2024
Made
21st November 2024
Coming into force
22nd November 2024
The Treasury make this 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.
Citation, commencement and extent
1.—(1) This Order may be cited as the Local Loans (Increase of Limit) Order 2024 and comes into force on the day after the day on which it is made.
(2) This Order extends to England and Wales, Scotland and Northern Ireland.
Limit for local loans
2. The sum of £135 billion is specified for the purposes of section 4(1) of the National Loans Act 1968 (limit for local loans).
Jeff Smith
Vicky Foxcroft
Two of the Lords Commissioners of His Majesty’s Treasury
21st November 2024
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 Treasury to grant local loans and the principal amount of any local loans.
This Order increases that limit from £115 billion to £135 billion.
A full impact assessment has not been produced for this instrument as no, or no significant impact on the private, voluntary, or public sector is foreseen.
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 112(1) of the Finance Act 2020 (c. 14)and S.I. 2020/176.