(1)In section 4(1) of the National Loans Act 1968 (which sets a limit on local loans made in pursuance of section 3 of that Act)—
(a)for “£85 billion” substitute “£115 billion”, and
(b)for “£95 billion” substitute “£135 billion”.
(2)The Local Loans (Increase of Limit) Order 2019 (SI 2019/1317) is revoked.
(3)This section comes into force on such day as the Treasury may by regulations made by statutory instrument appoint.