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The Local Loans (Increase of Limit) Order 2024

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

Draft 2024, ISBN 9780348263817

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 4(2) of the National Loans Act 1968, for approval by resolution of the House of Commons.

Local Loans

Made ***

Coming into force in accordance with article 1

The Treasury make this Order in exercise of the powers conferred by section 4(1) of the National Loans Act 1968f1 (“the Act”).

In accordance with section 4(2) of the Act, a draft of this Order has been laid before and approved by resolution of the House of Commons.

Annotations to the whole text

Footnotes

f1

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 112(1) of the Finance Act 2020 (c. 14) and S.I. 2020/176.

Contents

  1. 1Citation, commencement and extent
  2. 2Limit for local loans
  3. Signature
  4. Explanatory note

1Citation, commencement and extent

(1)

This Order may be cited as the Local Loans (Increase of Limit) Order 2024 and comes into force on the day after the day on which it is made.

(2)

This Order extends to England and Wales, Scotland and Northern Ireland.

2Limit for local loans

The sum of £135 billion is specified for the purposes of section 4(1) of the National Loans Act 1968 (limit for local loans).

Signature

Name

Name

Two of the Lords Commissioners of His Majesty’s Treasury

Date

Explanatory note

(This note is not part of the Order)

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 Treasury to grant local loans and the principal amount of any local loans.

This Order increases that limit from £115 billion to £135 billion.

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