INDUSTRIAL DEVELOPMENT (FINANCIAL ASSISTANCE)
32. Section 8 of the Industrial Development Act
1982 enables Ministers to give financial assistance to industry
outside areas which have been granted Assisted Area status. Section
8(5) of the 1982 Act contains a limit - of £1,900 million
- on the amount of assistance which can be granted. This may be
increased by order made with the consent of the Treasury, and
subject to approval by the House of Commons, on not more than
four occasions by a sum not exceeding £200 million. The limit
has been increased four times and now stands at £2,700 million.
The purpose of this bill is to amend the financial ceiling in
section 8(5), increasing the initial limit to £3,700 million
and subsequent increases to £600 million.
33. The bill is described in more detail in a
memorandum on delegated powers from the Department for Trade and
Industry, printed at Annex 4 to this Report. We note that the
bill does not introduce new delegated powers but retains the existing
delegated powers framework.
34. The bill is certified by the Speaker as a
Money Bill. It was read a second time on 1 May, following which
the House agreed that Committee stage should be dispensed with.
The bill was read a third time on 6 May. On the basis of a preliminary
consideration, we took the view that a special meeting in advance
of the passage of the bill through the House was not necessary.
For the record, however, we wish to report our conclusion (in
paragraph 35 below) in respect of the delegated powers in the
35. There is nothing in the bill to which
the Committee would have wished to draw the attention of the House
prior to its passage through the House.