The Local Authorities (Capital Finance) (Rate of Discount for 1999/2000) Regulations 1999

Made: 24th February 1999

Laid before Parliament: 4th March 1999

Coming into force: 1st April 1999

The Secretary of State for the Environment, Transport and the Regions, 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 1989¹, 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 1999/2000) Regulations 1999 and shall come into force on 1st April 1999.

2

The percentage rate of discount prescribed for the financial year beginning on 1st April 1999 for the purposes of defining “r” in section 49(2) of the Local Government and Housing Act 1989 shall be 8.4 per cent.

Signed

Signed by authority of the Secretary of State for the Environment, Transport and the Regions

Hilary Armstrong — Minister of State, — Department of the Environment, Transport and the Regions — 23rd February 1999

Signed by authority of the Secretary of State for Wales

Jon Owen Jones — Parliamentary Under-Secretary of State, Welsh Office — 24th February 1999

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 1999 these Regulations prescribe 8.4 per cent. which is 0.4 per cent. less than the rate of discount prescribed for 1998/99.

Footnotes