Explanatory note

Section 4(1) of the National Loans Act 1968 (c. 13) 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 £85 billion to £95 billion.

A full impact assessment has not been produced for this instrument as no impact on the private, voluntary or public sector is foreseen.