UK New Legislation,The Royal Mint Trading Fund (Extension and Variation) (Amendment) Order 2024

The Royal Mint Trading Fund (Extension and Variation) (Amendment) Order 2024

Date: 2024-11-05

Title: The Royal Mint Trading Fund (Extension and Variation) (Amendment) Order 2024

Source: UK New Legislation

Summary:

This Order amends the Royal Mint Trading Fund (Extension and Variation) Order 2022 (S.I. 2022/274) (“the principal Order”).

The principal Order extended the period for which the Royal Mint Trading Fund may borrow money from the Secretary of State by £30 million, up to a total of £250 million, until 31 March 2024.

This Order further extends the period during which the Royal Mint Trading Fund may borrow money from the Secretary of State by £15 million, up to a total of £265 million, until 31 March 2025.

The amendment is necessary to ensure that the Royal Mint Trading Fund has sufficient borrowing capacity to meet its operational requirements, including investment in new technology and equipment.

Background:

The Royal Mint Trading Fund is a government-owned company that produces coins for the United Kingdom and other countries. The fund is responsible for managing the production, distribution, and sale of coins, as well as for the development of new technologies and products.

The fund is financed by a combination of government grants and borrowing from the Secretary of State. The principal Order extended the fund’s borrowing limit to £250 million until 31 March 2024. This Order further extends the borrowing limit to £265 million until 31 March 2025.

Implications:

The amendment to the principal Order will provide the Royal Mint Trading Fund with additional borrowing capacity to meet its operational requirements. This will enable the fund to continue to invest in new technology and equipment, and to ensure that it can continue to meet the demand for coins in the United Kingdom and other countries.


The Royal Mint Trading Fund (Extension and Variation) (Amendment) Order 2024

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