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(1)In section 8 of the Industrial Development Act 1982 (c. 52) (selective financial assistance: general powers), for subsection (5) (which specifies the limit on the amount of financial assistance) substitute—
“(5)The limit shall be £12,000 million, but 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 £1,000 million.”
(2)The Industrial Development (Financial Assistance) Act 2003 (c. 11) is repealed.
Text created by the government department responsible for the subject matter of the Act to explain what the Act sets out to achieve and to make the Act accessible to readers who are not legally qualified. Explanatory Notes were introduced in 1999 and accompany all Public Acts except Appropriation, Consolidated Fund, Finance and Consolidation Acts.
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