Lord Borwick:

Moved by Lord Borwick

41: Schedule 4, page 167, line 31, leave out from “rate” to “and” in line 33 and insert “determined using this formula:Bank Rate at the time that the notice of intention to enfranchise is served + 5 %Member's explanatory statementThis amendment seeks to make the process for setting the deferment rate more efficient through using a fixed formula based on Bank Rate, rather than requiring the Secretary of State to set the deferment rate in regulations.