PART 6Financial assistance

I150Power to provide financial assistance for economic development etc

1

A Minister of the Crown may, out of money provided by Parliament, provide financial assistance to any person for, or in connection with, any of the following purposes—

a

promoting economic development in the United Kingdom or any area of the United Kingdom;

b

providing infrastructure at places in the United Kingdom (including infrastructure in connection with any of the other purposes mentioned in this section);

c

supporting cultural activities, projects and events that the Minister considers directly or indirectly benefit the United Kingdom or particular areas of the United Kingdom;

d

supporting activities, projects and events relating to sport that the Minister considers directly or indirectly benefit the United Kingdom or particular areas of the United Kingdom;

e

supporting international educational and training activities and exchanges;

f

supporting educational and training activities and exchanges within the United Kingdom.

2

In this section—

  • “infrastructure” includes—

    1. a

      water, electricity, gas, telecommunications, sewerage or other services (for example, the provision of heat),

    2. b

      railway facilities (including rolling stock), roads or other transport facilities,

    3. c

      health, educational, cultural or sports facilities,

    4. d

      court or prison facilities, and

    5. e

      housing;

  • “promoting”, in relation to economic development, includes taking any measure likely to contribute directly or indirectly to economic development (which might include, for example, measures relating to social inclusion);

  • “providing”, in relation to infrastructure, includes acquiring, designing, constructing, converting, improving, operating and repairing infrastructure;

  • “sport” includes any physical recreation.

I251Financial assistance: supplementary

1

Financial assistance under section 50—

a

may be provided by way of grants, loans, guarantees or indemnities or in any other form;

b

may be provided subject to conditions (which may include conditions about repayment with or without interest or other return);

c

may be provided under a contract;

d

may be provided to an investment fund for onward investment or administrative costs relating to onward investment.

2

The power to provide financial assistance under section 50 is in addition to (and does not limit or replace) any other power of a Minister of the Crown to provide financial assistance.