Statutory Instruments
2003 No. 248
LOCAL GOVERNMENT, ENGLAND
The Local Authorities (Capital Finance) (Rate of Discount for 2003/04) (England) Regulations 2003
Made
7th February 2003
Laid before Parliament
13th February 2003
Coming into force
1st April 2003
The First Secretary of State, 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 2003/04) (England) Regulations 2003 and shall come into force on 1st April 2003.
Rate of discount
2. The percentage rate of discount prescribed for the financial year beginning on 1st April 2003 for the purposes of defining “r” in section 49(2) of the Local Government and Housing Act 1989 shall be 7.0 per cent.
Signed by authority of the First Secretary of State
Nick Raynsford
Minister of State
Office of the Deputy Prime Minister
7th February 2003
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.