Section 113Part 7 — Finance
Public debt
←→ Navigate · Click subsection badges to collapse · Press ? for help
for a financial year is more than a percentage of Government revenue set out in law and agreed with a Secretary of State (calculated using generally accepted accounting practice) for that financial year.
Total Government borrowing shall not exceed an amount for which the sum of—
total interest payments;
total other debt servicing expenses, including arrangement fees and sinking fund expenses; and
total principal or amortised debt repayments,
Subject to this Constitution, a law enacted by the Legislature may provide for a higher percentage for a limited period where a matter arises of a nature or urgency which in the opinion of the Cabinet makes it necessary to do so.
For the purposes of this section, “Government borrowing” means borrowing in the name of the Government regardless of whether repayments are made directly by the Government or by a public or governmental body (including any statutory body, company or association).