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National Loans Act 1968
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[F14Limit for local loans.U.K.
(1)The aggregate of—
(a)any commitments of the [F2Treasury] outstanding in respect of undertakings entered into by them to grant local loans; and
(b)any amount outstanding in respect of the principal of any local loans;
shall not at any time exceed [F3£115 billion] or such other (lower or higher) sum, not exceeding [F4£135 billion], as the Treasury may from time to time specify by order made by statutory instrument.
(2)No order shall be made under this section unless a draft of it has been laid before and approved by a resolution of the Commons House of Parliament.]
Textual Amendments
F1S. 4 substituted by Finance Act 1984 (c. 43, SIF 99:3), s. 125(1)
F2Word in s. 4(1)(a) substituted (25.2.2020) by The Public Bodies (Abolition of Public Works Loan Commissioners) Order 2020 (S.I. 2020/176), art. 1(2), Sch. 1 para. 65 (with art. 9)
F3Sum in s. 4(1) substituted (12.5.2022) by Finance Act 2020 (c. 14), s. 112(1)(a)(3); S.I. 2022/531, reg. 2
F4Sum in s. 4(1) substituted (12.5.2022) by Finance Act 2020 (c. 14), s. 112(1)(b)(3); S.I. 2022/531, reg. 2
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