(1) Financial assistance provided under section 8 of the Industrial Development Act 1982 (general power to give selective financial assistance to industry) is not to count towards the limit set by subsections (4) and (5) of that section if the assistance has been designated under subsection (2) as “coronavirus-related”.
(2) The providing authority may make that designation if it appears to the authority that the assistance is provided (wholly or to a significant degree) for the purpose of preventing, reducing, or compensating for any effect or anticipated effect (direct or indirect) of coronavirus or coronavirus disease. “The providing authority” means whichever of the Secretary of State, the Scottish Ministers or the Welsh Ministers provides the assistance.
(3) As soon as reasonably practicable after the end of any quarter in which assistance designated as coronavirus-related is provided by the Secretary of State, the Secretary of State must lay before Parliament a report stating the amount of, and containing such other details as the Secretary of State considers appropriate about—
(a) the designated assistance provided by the Secretary of State in that quarter, and
(b) all designated assistance provided by the Secretary of State from the time when this section came into force until the end of that quarter. “Quarter” means a period of three months ending at the end of March, June, September or December.” —(Penny Mordaunt.)
The amendment enables financial assistance to be provided to industry in response to coronavirus without counting towards the total financial limit contained in section 8 of the Industrial Development Act 1982, and provides for such assistance to be reported to Parliament.
Brought up, and added to the Bill.