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You are here: BAILII >> Databases >> United Kingdom Statutory Instruments >> The Scotland Act 1998 (Increase of Borrowing Limits) Order 2024 No. 697 URL: http://www.bailii.org/uk/legis/num_reg/2024/uksi_2024697_en_1.html |
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This is the original version (as it was originally made). This item of legislation is currently only available in its original format.
Statutory Instruments
CONSTITUTIONAL LAW
DEVOLUTION, SCOTLAND
Made
24th May 2024
Coming into force in accordance with article 1(2)
The Secretary of State, with the consent of the Treasury, makes this Order in exercise of the powers conferred by sections 67(3) and 67A(2) of the Scotland Act 1998( 1).
A draft of this Order has been laid before and approved by resolution of the House of Commons in accordance with paragraphs 1 and 2 of Schedule 7 to the Scotland Act 1998( 2).
1.—(1) This Order may be cited as the Scotland Act 1998 (Increase of Borrowing Limits) Order 2024.
(2) It comes into force on the day after the day on which it is made.
(3) It extends to England and Wales, Scotland and Northern Ireland.
2.—(1) The Scotland Act 1998 is amended as follows.
(2) In section 67(2) (lending under section 66(1)), for “£1.75 billion” substitute “£1,779.351 million”.
(3) In section 67A(1) (lending for capital expenditure), for “£3 billion” substitute “£3,050.316 million”.
John Lamont
Parliamentary Under Secretary of State
Scotland Office
24th May 2024
We consent
Mike Wood
Joy Morrissey
Two of the Lords Commissioners of His Majesty's Treasury
23rd May 2024
(This note is not part of the Order)
This Order amends the Scotland Act 1998 (c. 46)to increase the resources borrowing limit set out in section 67(2) from £1.75 billion to £1,779.351 million, and the capital borrowing limit set out in section 67A(1) from £3 billion to £3,050.316 million.
A full impact assessment has not been produced for this instrument as no, or no significant, impact on the voluntary or public sector is foreseen.
1998 c. 46; section 67 was amended by section 32(6) to (9) of the Scotland Act 2012 (c. 11), and section 20(7) of the Scotland Act 2016 (c. 11); section 67A was inserted by section 32(10) of the Scotland Act 2012 and amended by section 20(8) of the Scotland Act 2016.
Schedule 7 was amended by section 32(12) of the Scotland Act 2012 (c. 11). There are other amendments to this Schedule, but none is relevant.