Government lending

F14Limit for local loans.

(1)

The aggregate of—

(a)

any commitments of the F2Treasury outstanding in respect of undertakings entered into by them to grant local loans; and

(b)

any amount outstanding in respect of the principal of any local loans;

shall not at any time exceed F3£115 billion or such other (lower or higher) sum, not exceeding F4£135 billion, as the Treasury may from time to time specify by order made by statutory instrument.

(2)

No order shall be made under this section unless a draft of it has been laid before and approved by a resolution of the Commons House of Parliament.