Article 16 Annual increase in borrowing limit

On 1 April each year the Board shall adjust the borrowing limit of the Trust in line with any increase in RPI which occurred during the year ended on 31st December immediately preceding the anniversary in question, rounded to the nearest million pounds.

Any adjustment made under paragraph (1) above shall be recorded in the next following annual statement of accounts prepared by the Board.

In paragraph (1) above, “RPI” means the general index of retail prices for all items published in the monthly publication of the Office for National Statistics known as the “Monthly Digest of Statistics”, or any successor from time to time of that index.