Commons Sense

House of Commons · Written Ministerial Statement

Use of the Industrial Development Act 1982 for Coronavirus-related assistance

09 July 2020 · Department for Business, Energy and Industrial Strategy

Proposed by Alok Sharma Con Reading West

Business & Trade

Summarised by AI from the official record, so it can contain mistakes.

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At a glance

Key points

  • The statement addresses the reporting requirements under the Industrial Development Act 1982 and the Coronavirus Act 2020 for spending related to coronavirus assistance.
  • I am reporting on the expenditure of 72.4 million in contingent liability for 983 loans provided through the Coronavirus Business Interruption Loan Scheme from 25 March 2020 to 31 March 2020.
  • This fulfills the quarterly reporting requirement under the Coronavirus Act.

Issue summary

The statement addresses the reporting requirements under the Industrial Development Act 1982 and the Coronavirus Act 2020 for spending related to coronavirus assistance.

Action requested

I am reporting on the expenditure of £72.4 million in contingent liability for 983 loans provided through the Coronavirus Business Interruption Loan Scheme from 25 March 2020 to 31 March 2020, fulfilling the quarterly reporting requirement under the Coronavirus Act.

Key facts

  • The Industrial Development Act 1982 requires annual reporting on spend.
  • The Coronavirus Act 2020 introduced a new quarterly reporting requirement for coronavirus-related assistance.
  • In quarter 1 of 2020, £72.4 million in contingent liability was incurred from 25 March to 31 March due to the Coronavirus Business Interruption Loan Scheme.
  • The scheme provided 983 loans worth £90.5 million during this period.
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