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The Local Loans (Increase of Limit) Order 2008

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This is a draft item of legislation. This draft has since been made as a UK Statutory Instrument: The Local Loans (Increase of Limit) Order 2008 No. 3004

Draft Order laid before the House of Commons under section 4(2) of the National Loans Act 1968, for approval by resolution of the House of Commons.

Draft Statutory Instruments

2008 No.

Local Loans

The Local Loans (Increase of Limit) Order 2008

Made

November 2008

Coming into force

November 2008

The Treasury in exercise of the powers conferred upon them by section 4(1) of the National Loans Act 1968(1) make the following Order, a draft of which has been laid before and approved by a resolution of the House of Commons:

1.  This Order may be cited as the Local Loans (Increase of Limit) Order 2008, and shall come into force on the day after the day on which it is made.

2.  For the purposes of the aggregate limit in section 4(1) of the National Loans Act 1968, the Treasury specify the sum of £70,000 million.

Name

Name

Two of the Lords Commissioners

of Her Majesty’s Treasury

Date

EXPLANATORY NOTE

(This note is not part of the Order)

Section 4(1) of the National Loans Act 1968 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 £55,000 million to £70,000 million.

(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 130 of the Finance Act 1990 (c.29).

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