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Covid-19: Industrial Development Act 1982

Volume 690: debated on Tuesday 9 March 2021

I am tabling this statement for the benefit of hon. Members to bring to their attention spend under the Industrial Development Act 1982. In addition to the obligation to report on spend under the Industrial Development Act annually, the Coronavirus Act 2020 created a new quarterly reporting requirement for spend which has been designated as coronavirus-related under the Coronavirus Act. This statement fulfils that purpose.

The statement also includes a report of the movement in contingent liability during the quarter. Hon. Members will wish to note that measures such as local authority grants, the coronavirus job retention scheme and self-employed income support scheme, and tax measures such as the suspension of business rates are not provided under the Industrial Development Act 1982 and hence are not included below.

This report covers the third quarter of 2020, from 1 July to 30 September 2020, in accordance with the Coronavirus Act. The written ministerial statement covering the second quarter of 2020 was published on 18 January 2021.

Spend under the Coronavirus Act 2020

Under the Coronavirus Act 2020, there is a requirement to lay before Parliament details of the amount of assistance designated as coronavirus-related provided in each relevant quarter. In the period from 1 July to 30 September 2020, the following expenditures were incurred:

Actual expenditure of assistance provided by Her Majesty’s Government from 1 July 2020 to 30 September 2020

£647,308,581

All expenditure of assistance provided by Her Majesty’s Government from 25 March 2020

£ 694,945,581

Expenditure by Department

Actual expenditure of assistance provided by:

Department for Business, Energy and Industrial Strategy

£694,908,581

Competition Appeal Tribunal

£ 37,000

Contingent liability under the Coronavirus Act 2020

Contingent liability of assistance provided by the Secretary of State from 1 July 2020 to 30 September 2020

£ 18,985,945,140

All contingent liability of assistance provided by the Secretary of State from 25 March 2020

£ 49,442,128,910

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