Financial Assistance to industry
COVID-19 is an unforeseen and exceptional pressure on the economy. The Act makes provision to ensure that any expenditure to address the impact of COVID-19 does not affect the ability of the Government going forward to deliver more routine general economic policy and address economic shocks and investment needs as they arise.
	Section 8 of the Industrial Development Act 1982 is the principal general power for a Secretary of State to provide financial assistance to business. The power is exercisable by a Secretary of State on a shared or concurrent basis with the Scottish Ministers and the Welsh Ministers. Subsections (4) and (5) impose an aggregate limit of £12,000 million (£12 billion) for financial assistance under section 8.
	The Act provides that financial assistance provided under section 8 of the Industrial Development Act 1982 does not count towards the £12 billion aggregate limit where it is "coronavirus-related".