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The Government of Wales Act 2006 (Variation of Borrowing Power) Order 2018
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Draft Legislation:
This is a draft item of legislation. This draft has since been made as a UK Statutory Instrument: The Government of Wales Act 2006 (Variation of Borrowing Power) Order 2018 No. 1266
Draft Order laid before the House of Commons under section 121(5) of the Government of Wales Act 2006 for approval by resolution of the House of Commons.
Draft Statutory Instruments
2018 No. 000
Constitutional Law
Devolution, Wales
Public Finance And Accountability
The Government of Wales Act 2006 (Variation of Borrowing Power) Order 2018
Made
***
Coming into force
1 December 2018
The Secretary of State, with the consent of the Treasury, makes the following Order in exercise of the power conferred by section 121(4) of the Government of Wales Act 2006(1).
In accordance with section 121(5) of that Act(2) a draft of this Order has been laid before and approved by a resolution of the House of Commons.
Citation and commencement
1. This Order may be cited as the Government of Wales Act 2006 (Variation of Borrowing Power) Order 2018 and comes into force on 1 December 2018.
Amendment to section 121 of the Government of Wales Act 2006
2. In section 121(1A) of the Government of Wales Act 2006(3), after the word “loan”, insert “or by the issue of bonds (but not bonds transferable by delivery)”.
Name
Secretary of State
Wales Office
Gwydyr House
London
Date
We consent
Name
Name
Two of the Lords Commissioners of Her Majesty’s Treasury
Date
EXPLANATORY NOTE
(This note is not part of the Order)
This Order amends section 121(1A) of the Government of Wales Act 2006 (c.32). Section 121(1A) provides that the Welsh Ministers may, with the approval of the Treasury, borrow by way of loan sums required by them for the purpose of meeting capital expenditure. The Order provides that, in addition to being able to borrow by loan, the Welsh Ministers can also issue bonds (other than bonds transferable by delivery).
An impact assessment has not been produced for this instrument as no negative impact on the costs of the private or voluntary sectors is foreseen. Further information is available from the Office of the Secretary of State for Wales, Gwydyr House, Whitehall, London, SW1A 2NP and on https://www.gov.uk/government/organisations/office-of-the-secretary-of-state-for-wales. An Explanatory Memorandum is available alongside the instrument at www.legislation.gov.uk.
(1)
2006 c.32; section 121(4) was inserted by section 20(5) of the Wales Act 2014 (c.29) (the “2014 Act”).
(2)
Section 121(5) was inserted by section 20(5) of the 2014 Act.
(3)
Section 121(1A) was inserted by section 20(3) of the 2014 Act.
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