Statutory Instrument 1997 No. 381

The Local Authorities (Capital Finance) (Rate of Discount for 1997/98) Regulations 1997

(The document as of February, 2008)

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STATUTORY INSTRUMENTS

1997 No. 381

LOCAL GOVERNMENT, ENGLAND AND WALES

The Local Authorities (Capital Finance) (Rate of Discount for 1997/98) Regulations 1997

	Made	17th February 1997
	Laid before Parliament	24th February 1997
	Coming into force	1st April 1997

The Secretary of State for the Environment, as respects England, and the Secretary of State for Wales, as respects Wales, in exercise of the powers conferred on them by section 49(2) of the Local Government and Housing Act 1989[1], and of all other powers enabling them in that behalf, hereby make the following Regulations:

1.These Regulations may be cited as the Local Authorities (Capital Finance) (Rate of Discount for 1997/98) Regulations 1997 and shall come into force on 1st April 1997.

2.The percentage rate of discount prescribed for the financial year beginning on 1st April 1997 for the purposes of defining "r" in section 49(2) of the Local Government and Housing Act 1989 shall be 8.9 per cent.

Signed by authority of the Secretary of State for the Environment

David Curry
Minister of State, Department of the Environment

17th February 1997

Signed by authority of the Secretary of State for Wales

Gwilym Jones
Parliamentary Under Secretary of State, Welsh Office

17th February 1997

EXPLANATORY NOTE

(This note is not part of the Regulations)

Part IV of the Local Government and Housing Act 1989 makes provision for the capital finance of local authorities. Section 49(2) sets out a formula for determining for the purposes of Part IV the value of the consideration falling to be given by a local authority under a credit arrangement in any financial year after the one in which the arrangement comes into being. The percentage rate of discount prescribed for a financial year is one of the factors referred to in the formula. For the financial year beginning on 1st April 1997 these Regulations prescribe 8.9 per cent. which is 0.2 per cent. less than the rate of discount prescribed for 1996/97.

Notes:

[1] 1989 c.42.back

ISBN 0 11 063934 0

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