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The Milk and Other Products (Pupils in Educational Establishments) (Scotland) Regulations 2017
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- Scottish Statutory Instruments
- 2017 No. 178
- Regulation 5
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5.—(1) Where regulation 4 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 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 “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 is in force, an equivalent determined by the Treasury under that section.
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