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Part IV of the Local Government and Housing Act 1989 makes provision for the capital finance of local authorities. Section 49(2) sets out a formula for determining for the purposes of Part IV the value of the consideration failing to be given by a local authority under a credit arrangement in any financial year after the one in which the arrangement comes into being. The percentage rate of discount prescribed for a financial year is one of the factors referred to in the formula. These Regulations prescribe 11 per cent. for the financial year beginning on 1st April 1991.
The percentage rate of discount for the financial year beginning on 1st April 1990, prescribed by S. I. 1990/316, was also 11 per cent.
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