OpenLegislation

Article 14 Annual increase in borrowing limit

Changes not yet applied. Later legislation changes this provision in ways not yet written into the text below:

(1)

On 1st December each year the Trustees shall adjust their borrowing limit in line with any movement (calculated to one decimal place) in RPI which occurred during the year ended on 31st October immediately preceding the anniversary in question.

(2)

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

(3)

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.