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Industry and Exports (Financial Support) Act 2009

Type of Bill:
Government Bill
Sponsors:
Mr Pat McFadden
Dept for Business, Enterprise and Regulatory Reform
Lord Mandelson
Dept for Business, Enterprise and Regulatory Reform

Progress of the Bill

Bill started in the House of Commons

  1. House of Commons
    1. 1st reading
    2. 2nd reading
    3. Committee stage
    4. Report stage
    5. 3rd reading
  2. House of Lords
    1. 1st reading
    2. 2nd reading
    3. Committee stage
    4. Report stage
    5. 3rd reading
  3. Consideration of Amendments
  4. Royal Assent

Last event

Act of Parliament

House Act Date
Commons Industry and Exports (Financial Support) Act 2009 c.5 | PDF version, 48KB 21.05.2009

Latest news on the Industry and Exports (Financial Support) Act 2009

Following agreement by both Houses on the text of the Bill it received Royal Assent on 21 May. The Bill is now an Act of Parliament (law).

Summary of the Industry and Exports (Financial Support) Act 2009

The Bill has two purposes. One is to raise the financial ceiling on support to industry outside assisted areas allowed under the Industrial Development Act 1982 (these limits were last changed by legislation in 2003). The second is to widen the support allowed by the Export Credits Guarantee Department under the Export and Investment Guarantees Act 1991. It is a short Bill with three clauses, amending the 1982 and 1991 Acts mentioned above.

Key areas

  • Amends section 8(5) of the Industrial Development Act 1982, which sets the ceiling on financial assistance allowed under ‘section 8’ powers. It increases the limit allowed under section 8 to £12 billion, along with the capacity for a further four orders of £1 billion each taking the overall limit to £16 billion.
  • Amends section 1(1) of the Export and Investment Guarantees Act 1991 to widen support provided by the Export Credits Guarantee Department to include exports that have already taken place.

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