The Act
Commentary on Sections
Section 1: Increase in limit on selective financial assistance for industry
15.This section replaces subsection (5) of section 8 of the Industrial Development Act 1982, as amended by the Industrial Development (Financial Assistance) Act 2003. The section retains the structure of tranches in the existing legislation but replaces the numerical ceilings with new, higher ones. The initial ceiling on financial assistance will be increased from £3,700 million to £12,000 million and the subsequent four tranches from up to £600 million to up to £1,000 million each.
Section 2: Assistance in connection with exports of goods or services
16.Section 2(1) replaces section 1(1) of the EIGA. The new subsection (1) allows ECGD to make arrangements for providing financial facilities or assistance in connection with exports. Subsection (1A) expressly provides that the arrangements may be in connection with exports that have been made, are to be made or may be made.
17.Section 2(2) is a transitional provision which provides that arrangements may be made in connection with exports that take place before the amended provisions come into force.
