Overview

This bill grants the British Library Board the power to borrow money. Currently, the British Library is prohibited from borrowing, but this legislation removes that restriction, enabling the library to fund projects and operations through loans.

Description

The British Library Act 1972 currently prevents the British Library Board from borrowing money. This bill amends the 1972 Act by removing the clause that prohibits borrowing. This amendment is found in clause 1 of the bill. Clause 2 specifies the bill's geographical extent (across the UK), commencement date (two months after passage), and official title (British Library Board (Power to Borrow) Act 2020).

Government Spending

This bill is not expected to directly increase or decrease government spending. Instead, it provides the British Library Board with a new tool – the ability to borrow – for funding its activities. Any borrowed funds would be the responsibility of the British Library Board to repay, not the UK government.

Groups Affected

Primarily, the British Library Board is affected, gaining the ability to secure loans for various purposes. This could positively affect the British Library's staff through increased project opportunities and potentially improved resources. The general public could also benefit from improved library services and resources if the borrowed funds are used effectively. Taxpayers may indirectly be impacted if the library's borrowing leads to increased efficiency and improved services.

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