Statutory Instruments
LOCAL GOVERNMENT, ENGLAND AND WALES
Made
22nd February 1993
Laid before Parliament
2nd March 1993
Coming into force
1st April 1993
The Secretary of State for the Environment, as respects England, and the Secretary of State for Wales, as respects Wales, in exercise of the powers conferred on them by section 49(2) of the Local Government and Housing Act 1989(1), and of all other powers enabling them in that behalf, hereby make the following Regulations:
1. These Regulations may be cited as the Local Authorities (Capital Finance) (Rate of Discount for 1993/94) Regulations 1993 and shall come into force on 1st April 1993.
2. The percentage rate of discount prescribed for the financial year beginning on 1st April 1993 for the purposes of section 49 of the Local Government and Housing Act 1989 shall be 9.9 per cent.
Michael Howard
Secretary of State for the Environment
19th February 1993
David Hunt
Secretary of State for Wales
22nd February 1993
(This note is not part of the Regulations)
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 falling 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 9.9 per cent. for the financial year beginning on 1st April 1993.
The percentage rate of discount for the financial year beginning on 1st April 1992, prescribed by S.I. 1992/302, was 10 per cent.