The Local Authorities (Capital Finance) (Rate of Discount for 1997/98) Regulations 1997
Part IV of the Local Government and Housing Act 1989 makes provision for the capital finance of local authorities. Section 49(2) sets out a formula for determining for the purposes of Part IV the value of the consideration falling to be given by a local authority under a credit arrangement in any financial year after the one in which the arrangement comes into being. The percentage rate of discount prescribed for a financial year is one of the factors referred to in the formula. For the financial year beginning on 1st April 1997 these Regulations prescribe 8.9 per cent. which is 0.2 per cent. less than the rate of discount prescribed for 1996/97.