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Government Aid

Volume 921: debated on Wednesday 1 December 1976

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asked the Secretary of State for Industry if he will publish the different rates of interest appropriate to each kind of assistance under the Industry Act, which have prevailed since February 1974, and the dates on which they came into force.

The different forms and terms of assistance to industry under Section 7 of the Industry Act 1972 are explained in the Department of Industry publication "Incentives for Industry in the Areas for Expansion" (pages 13 and 14). The changes in relevant interest rates are as follows:

INTEREST RATES
Per cent.
Broadly CommercialConcessionary
1974—
2nd January13½10
1975—
21st April11½
3rd September12½
29th September1310
27th October13½10½
1976—
19th January1310
16th February12½
1st March129
29th March11½
10th May129
7th June12½
2nd August1310
27th September13½10½
25th October1411
8th November14½11½
22nd November1512
Assistance under Section 8 may be by means of a stipulated level of grant in relation to specified eligible costs, or, like Section 7, may be tailored in certain cases to the needs of the company. Where assistance is in the form of loan or interest relief grant the same principles as Section 7 will normally apply.