For section 4 of the M1National Loans Act 1968 (power to make local loans) there shall be substituted the following section—

“4 Limit for local loans.

(1)

The aggregate of—

(a)

any commitments of the Loan Commissioners 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 £28,000 million or such other (lower or higher) sum, not exceeding £35,000 million, 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.”