The Local Authorities (Capital Finance) (Amendment) Regulations 1992
Section 57 of the Local Government and Housing Act 1989 (“the 1989 Act”) empowers the Secretary of State to specify by regulations certain grants, contributions and subsidies paid to local authorities. Such grants etc. then become “specified capital grants” for the purposes of that section. Section 57 provides that if a local authority receive a specified capital grant their relevant credit approvals shall be reduced by deducting therefrom an amount equal to the specified capital grant received.