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The Government of Wales Act 2006 (Variation of Borrowing Power) Order 2018

Draft. This instrument was laid in draft and may differ from the one made. Look for the made version under its title.

Draft 2018, ISBN 9780111173657

Original text. legislation.gov.uk does not revise statutory instruments, so later amendments are not shown here. Changes made to it are listed under each provision when known.

Draft Order laid before the House of Commons under section 121(5) of the Government of Wales Act 2006 for approval by resolution of the House of Commons.

Constitutional Law

Devolution, Wales

Public Finance And Accountability

Made ***

Coming into force 1 December 2018

The Secretary of State, with the consent of the Treasury, makes the following Order in exercise of the power conferred by section 121(4) of the Government of Wales Act 2006f1.

In accordance with section 121(5) of that Actf2 a draft of this Order has been laid before and approved by a resolution of the House of Commons.

Annotations to the whole text

Footnotes

f1

2006 c.32; section 121(4) was inserted by section 20(5) of the Wales Act 2014 (c.29) (the “2014 Act”).

f2

Section 121(5) was inserted by section 20(5) of the 2014 Act.

Contents

  1. 1Citation and commencement
  2. 2Amendment to section 121 of the Government of Wales Act 2006
  3. Signature
  4. Explanatory note

1Citation and commencement

This Order may be cited as the Government of Wales Act 2006 (Variation of Borrowing Power) Order 2018 and comes into force on 1 December 2018.

2Amendment to section 121 of the Government of Wales Act 2006

In section 121(1A) of the Government of Wales Act 2006f1, after the word “loan”, insert “or by the issue of bonds (but not bonds transferable by delivery)”.

Signature

Name

Secretary of State

Wales Office

Gwydyr House

London

Date

We consent

Name

Name

Two of the Lords Commissioners of Her Majesty’s Treasury

Date

Explanatory note

(This note is not part of the Order)

This Order amends section 121(1A) of the Government of Wales Act 2006 (c.32). Section 121(1A) provides that the Welsh Ministers may, with the approval of the Treasury, borrow by way of loan sums required by them for the purpose of meeting capital expenditure. The Order provides that, in addition to being able to borrow by loan, the Welsh Ministers can also issue bonds (other than bonds transferable by delivery).

An impact assessment has not been produced for this instrument as no negative impact on the costs of the private or voluntary sectors is foreseen. Further information is available from the Office of the Secretary of State for Wales, Gwydyr House, Whitehall, London, SW1A 2NP and on https://www.gov.uk/government/organisations/office-of-the-secretary-of-state-for-wales. An Explanatory Memorandum is available alongside the instrument at www.legislation.gov.uk.