(1)The Secretary of State must from time to time prepare a document (a “multi-annual financial assistance plan”) giving information about the expected use of the powers conferred on the Secretary of State by section 1 during the period to which the plan relates (the “plan period”).
(2)A multi-annual financial assistance plan must (as a minimum)—
(a)specify the plan period,
(b)set out the Government's strategic priorities for giving financial assistance during the plan period, and
(c)describe, in such manner and giving such detail as the Secretary of State considers appropriate, each financial assistance scheme that—
(i)is in operation, or
(ii)the Secretary of State expects to come into operation during the plan period.
(3)The plan period for the first plan is the period of seven years beginning with 1 January 2021.
(4)The plan period for a subsequent plan may not be shorter than five years.
(5)The Secretary of State must ensure that the plan period for a plan does not expire without a new plan being in place for a plan period beginning the day after the last day of the expiring plan period.
(6)A plan prepared under this section must be laid before Parliament, and published, by the Secretary of State—
(a)in the case of the first plan, as soon as practicable before the beginning of the plan period for the plan, and
(b)in the case of a subsequent plan, at least 12 months before the beginning of the plan period for the plan.
(7)Where, before the end of the plan period for a plan—
(a)the Government's strategic priorities for giving financial assistance change, or
(b)it appears to the Secretary of State that any information given in the plan by virtue of subsection (2)(c) has ceased to be accurate and complete,
the Secretary of State must amend the plan accordingly as soon as it is practicable to do so.
(8)A document setting out amendments being made to a plan must be laid before Parliament, and published, by the Secretary of State, as soon as practicable after being prepared.
(9)The Secretary of State must have regard to the strategic priorities set out in the plan by virtue of subsection (2)(b) when determining—
(a)what financial assistance to give;
(b)the overall budget for, or for any period of operation of, a financial assistance scheme.
(10)In this section “the Government” refers to Her Majesty's Government in the United Kingdom.
Commencement Information
I1S. 4 in force at Royal Assent for specified purposes and otherwise at 11.1.2021, see s. 57(1)(b)(c)(6)