
1 
These Regulations, which extend to England only, 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.
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