Levelling-up and Regeneration Act 2023

Finance

179 Removal of limits on borrowing of urban development corporations and new town development corporations

(1) In paragraph 8 of Schedule 31 to the Local Government, Planning and Land Act 1980 (aggregate limit on borrowing of urban development corporations)—

(a) in sub-paragraph (1), after “sub-paragraph (2) below” insert “(save as excepted by sub-paragraph (2A))”;

(b) after sub-paragraph (2) insert—

“(2A) But no sum which is—

(a) borrowed by, or issued in fulfilment of a guarantee of a debt of, a corporation for an urban development area in England, and

(b) borrowed or issued on or after the date on which section 179 of the Levelling-up and Regeneration Act 2023 comes into force,

is to count for the purposes of sub-paragraph (2)(a) or (b).”

(2) In section 60 of the New Towns Act 1981 (aggregate limit on borrowing of new town development corporations)—

(a) in subsection (1), after “sums” insert “(save as excepted by subsection (1A))”;

(b) after subsection (1) insert—

“(1A) No sum which—

(a) is advanced to, or borrowed by, a development corporation established for the purposes of a new town in England, and

(b) is advanced or borrowed on or after the date on which section 179 of the Levelling-up and Regeneration Act 2023 comes into force,

is to count for the purposes of subsection (1)(a) or (d).”