Industry Act 1975

21 Financial assistance under Industry Act 1972 for bodies corporate which make planning agreements

(1) When a body corporate has made a planning agreement—

(a) the amount of grant under Part I of the [1972 c. 63.] Industry Act 1972 (regional development grant) in respect of approved capital expenditure incurred during the period mentioned in subsection (2) below in respect of any project identified in the agreement may be not less than—

(i) the percentage which is the prescribed percentage at the date of the planning agreement, or

(ii) in the case of a project which was also identified in a previous planning agreement, the percentage which was the prescribed percentage at the date of that agreement, and

(b) financial assistance in respect of any such project may be given under Part II of that Act,

without regard to any order under that Act or the [1972 c. 5.] Local Employment Act 1972 made after the date of the planning agreement by virtue of which, as the case may be, the grant or part of it could for any reason not have been paid or the financial assistance or part of it could not have been given.

(2) In this Act " planning agreement" means a voluntary arrangement as to the strategic plans of a body corporate for the future development in the United Kingdom over a specified period of an undertaking of the body corporate or of one or more of that body's subsidiaries, or a joint undertaking of the body corporate and one or more of its subsidiaries, being an arrangement entered into by the body corporate and any Minister of the Crown which in the opinion of that Minister is likely over the specified period to contribute significantly to national needs and objectives.

(3) When a body corporate makes a planning agreement, the Secretary of State shall lay a statement that the body corporate has made such an agreement before each House of Parliament.