Chapter 1: New Financial Assistance Powers Section 4: Multi-annual financial assistance plans
This section places a duty on the Secretary of State to prepare, and then once prepared have regard to, multi-annual financial assistance plans, setting out the Government’s plans for giving financial assistance using the powers in section 1. The periods that these plans must cover is set out in subsections 3 and 4.
	Subsection (1) places a duty on the Secretary of State to prepare a document giving information on the expected use of the financial assistance powers under section 1.
	Subsection (2) specifies the minimum information which must be included in a multi-annual financial assistance plan. This includes the plan period, the Government’s strategic priorities for giving financial assistance during the plan period and appropriate details of financial assistance schemes under section 1 which are either in operation at the time that the plan is published or are expected to come into operation during the plan period.
	Subsection (3) sets the period for the first multi-annual financial assistance plan as seven years, beginning with 1 January 2021. This covers the agricultural transition period.
	Subsection (4) specifies that subsequent multi-annual financial assistance plans must cover a period of at least five years.
	Subsection (5) specifies that the Secretary of State may not allow a plan to expire without a new plan being in place for the following period, ensuring that there is no gap between plans.
	Subsection (6) places a duty on the Secretary of State to lay before Parliament and publish a multi-annual financial assistance plan at least 12 months ahead of it coming into effect. This will apply for all multi-annual financial assistance plans, except the first plan, which must be published as soon as practicable before 1 January 2021.
	Subsection (7) places a duty on the Secretary of State to amend the multi-annual financial assistance plan, as soon as is practicable, if the Government’s strategic priorities change, or if it appears to the Secretary of State that any information given in the plan has ceased to be accurate. For example, information may cease to be accurate in the light of updates and improvements to financial assistance schemes.
	Subsection (8) places a duty on the Secretary of State, where a multi-annual financial assistance plan has been amended, to publish and lay before parliament a document setting out these amendments. This must be done as soon as is practicable.
	Subsection (9) places a duty on the Secretary of State to have regard to priorities set out in the multi-annual financial assistance plan when determining what financial assistance to give, or the budget for any financial assistance schemes.
	Subsection (10) provides a definition for "the Government" as used in this section.