# National Loans Act 1968, Section 4: Limit for local loans.

Extent: E+W+S+N.I.

(1) The aggregate of—
(a) any commitments of the Treasury 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 £115 billion or such other (lower or higher) sum, not exceeding £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.

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Source: https://www.legislation.gov.uk/ukpga/1968/13/section/4 (the official version)
Page: https://openlegislation.uk/national-loans-act-1968/section-4
Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives.