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Business Update

My Right Honourable friend the Secretary of State for Business, Energy and Industrial Strategy (Kwasi Kwarteng) has today made the following statement:

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 first quarter of 2022, from 1 January to 31 March 2022, in accordance with the Coronavirus Act.

The Written Ministerial Statement covering the fourth quarter of 2021 was published on 29^th June 2022.

This is the final quarterly report on Coronavirus expenditure under the Industrial Development Act 1982. This is in line with the reporting requirements under Section 75 of the Coronavirus Act 2020.

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 January to 31 March 2022, the following expenditures were incurred:

Expenditure by Department

Contingent liability under the Coronavirus Act 2020