Statutory Instruments
2002 No. 110
LOCAL GOVERNMENT, ENGLAND
The Local Authorities (Capital Finance) (Rate of Discount for 2002/03) (England) Regulations 2002
Made
23rd January 2002
Laid before Parliament
30th January 2002
Coming into force
1st April 2002
The Secretary of State for Transport, Local Government and the Regions, in exercise of the powers conferred upon him by section 49(2) of the Local Government and Housing Act 1989( 1 ) hereby makes the following Regulations:
Citation, commencement and extent
1. These Regulations, which extend to England only( 2 ), may be cited as the Local Authorities (Capital Finance) (Rate of Discount for 2002/03) (England) Regulations 2002 and shall come into force on 1st April 2002.
Rate of discount
2. The percentage rate of discount prescribed for the financial year beginning on 1st April 2002 for the purposes of defining “r” in section 49(2) of the Local Government and Housing Act 1989 shall be 7.2 per cent.
Signed by authority of the Secretary of State for Transport, Local Government and the Regions
Nick Raynsford
Minister of State,
Department for Transport, Local Government and the Regions
23rd January 2002
The relevant powers of the Secretary of State have been devolved, in relation to Wales, by the National Assembly for Wales (Transfer of Functions) Order 1999 (S.I. 1999/672 ); see the reference to the Local Government and Housing Act 1989 in Schedule 1.