Industrial Development (Financial Assistance) Bill — 24 Feb 2003 at 19:22

I beg to move, That the Bill be now read a Second time.

The purpose of the Bill is to increase the cumulative limit on financial assistance that may be provided under section 8 of the Industrial Development Act 1982. A useful starting point would be to explain what the section 8 power is and what it can be used for. Section 7 of the 1982 Act allows financial assistance to be offered in the assisted areas of the UK if it is likely to provide, maintain or safeguard employment. Section 8 has much broader scope and provides the legislative basis for financial assistance, both inside and outside the assisted areas. It gives wide discretion to provide financial assistance to industry if, in the opinion of the Secretary of State, it is

I beg to move, To leave out from "That" to the end of the Question, and to add instead thereof:

"this House declines to give a Second Reading to the Industrial Development (Financial Assistance) Bill because it amends section 8(5) of the Industrial Development Act 1982 in a way that diminishes accountability to Parliament on the levels of future financial assistance to industry."

Question put, That the amendment be made:-

The House divided: Ayes 156, Noes 301.

Debate in Parliament | Historical Hansard | Source |