Statutory Instrument 1995 No. 535

The Local Authorities (Capital Finance) (Rate of Discount for 1995/96) Regulations 1995

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© Crown Copyright 1995

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1995 No. 535

LOCAL GOVERNMENT, ENGLAND AND WALES

The Local Authorities (Capital Finance) (Rate of Discount for 1995/96) Regulations 1995

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 1995/96) Regulations 1995 and shall come into force on 1st April 1995.

    2.    The percentage rate of discount prescribed for the financial year beginning on 1st April 1995 for the purposes of section 49 of the Local Government and Housing Act 1989 shall be 9.1 per cent.

Signed by authority of the Secretary of State for the Environment.

David Curry

Minister of State, Department of the Environment

28th February 1995
Signed by authority of the Secretary of State for Wales.

Gwilym Jones

Parliamentary Under Secretary of State, Welsh Office

1st March 1995

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. These Regulations prescribe 9.1 per cent. for the financial year beginning on 1st April 1995 in place of the figure of 9.2 per cent. prescribed for 1994/95.

[1] 1989 c. 42. back