24.—(1) Where regulation 23 applies, interest may be charged in respect of each day of the period referred to in Article 7(2) of the Horizontal Implementing Regulation and for this purpose the rate of interest applicable on any day is one percentage point above the bank of England base rate on that day.
(2) In this regulation and regulation 23, “the Bank of England base rate” means—
(a)except where sub-paragraph (b) applies, the rate announced from time to time by the Monetary Policy Committee of the Bank of England as the official dealing rate being the rate at which the Bank is willing to enter into transactions for providing short-term liquidity in the markets; or
(b)if an order under section 19 (reserve powers) of the Bank of England Act 1998 M1 is in force, an equivalent determined by the Treasury under that section.