delete The Local Authorities (Capital Finance) (Rate of Discount for 1999/2000) Regulations 1999
Sets the prescribed discount rate at 8.4% for the 1999/2000 financial year for calculating 'r' in section 49(2) of the Local Government and Housing Act 1989, which governs local authority capital finance calculations.
Outdated technical regulation setting a single-year discount rate for 1999/2000 calculations. Such rigid, time-specific rate prescriptions prevent the price mechanism from operating naturally in local capital markets. The Local Government and Housing Act 1989 framework itself represents the kind of centralized control over local finance that distorts resource allocation. Modernizing this framework with market-reflective mechanisms or principles-based guidance would better serve local authorities than annual statutory rate-setting.