HC Deb 03 November 1976 vol 918 cc638-9W
Mr. Grylls

asked the Secretary of State for Industry if he will make a statement regarding the possible total limit of financial assistance provided under the Industry (Amendment) Bill, following the questions raised by the hon. Member for Surrey, North-West in the House on 28th October 1976.

Mr. Alan Williams

The Explanatory and Financial Memorandum to the Bill clearly states that the total possible limit on assistance under Section 8 of the Industry Act 1972 would be £1,600 million.

When the Bill is enacted, Section 8(7) will provide that the limit on assistance should be £600 million, but that the Secretary of State may, on not more than four occasions, by order made with the consent of the Treasury, increase or further increase that limit by a sum specified in the order, being a sum not exceeding £250 million.

Accordingly, four possible increases of £250 million above "that limit"—that is, £600 million—will be available, providing for a total possible limit of £1,600 million.