Transport Act 2000

8 (1) The Authority is entitled to borrow in accordance with the following provisions of this paragraph, but not otherwise.

(2) Subject to sub-paragraph (5), the Authority may borrow from the Secretary of State such sums in sterling as it may require for meeting its obligations and carrying out its functions.

(3) Subject to sub-paragraphs (4) and (5), the Authority may borrow temporarily in sterling (by way of overdraft or otherwise) from persons other than the Secretary of State such sums as it may require for meeting its obligations and carrying out its functions.

(4) Borrowing under sub-paragraph (3) requires the consent of the Secretary of State which will not be given without the approval of the Treasury.

(5) The Authority may not borrow if the effect would be—

(a) to take the aggregate amount outstanding in respect of the principal of sums borrowed by it over its borrowing limit, or

(b) to increase the amount by which the aggregate amount so outstanding exceeds that limit.

(6) The Authority’s borrowing limit is—

(a) £3 billion, or

(b) such greater sum as the Secretary of State may, with the approval of the Treasury, specify by order made by statutory instrument.

(7) An order under sub-paragraph (6)(b) shall not be made unless a draft of the statutory instrument containing it has been laid before, and approved by a resolution of, the House of Commons.