The purpose of the Bill is to:

The Bill has two purposes: to amend the Industrial Development Act 1982 (IDA) and to amend the Export and Investment Guarantees Act 1991 (EIGA).

The main elements of the Bill are:

• Section 8 of the IDA contains the principal power of Ministers to give real help for business. The Bill will raise the financial ceiling to the assistance that can be provided outside the designated Assisted Areas, from £3.7 billion to £12 billion. The current financial limit is being consumed rapidly and curtails flexibility for Government support for industry and the economy.
• Amending the EIGA will provide the Export Credit Guarantee Department with the legal headroom to provide credit and trade insurance t hat reflect s the current needs of exporters. The current pragmatic approach is no longer viable and furthermore, in the current difficult environment, the need for change has become more pressing.

The main benefits of the Bill are:

• Providing flexibility that Government needs to continue its current level of support to industry and provide necessary additional support on a timely, effective basis.
• Allowing ECGD flexibility to provide the necessary type of credit and trade insurance that industry requests
• Further expected benefits to industry and the wider economy are expected as a result of the enhanced support provided thanks to the passage of this Bill.