26.—(1) The rate of interest specified for the purpose of section 146(1) of the 2023 Act (recovery of costs of preservation works) is 2% per annum above the Bank of England base rate.
(2) In this regulation, “the Bank of England base rate” for any particular day means—
(a)if an order under section 19 of the Bank of England Act 1998(1) is in force, any rate equivalent to the rate described in sub-paragraph (b), or if there is none,
(b)the rate announced as the official dealing rate at the meeting of the Monetary Policy Committee of the Bank of England last held before that day.