Chris Bryant

It is good to see you in the Chair, Mrs Cummins. I welcome all Members to this slightly unusual Committee. Normally, a Committee of the whole House is awfully contentious, with everybody shouting at one another, but it will not be so contentious this afternoon—certainly not as regards the main body of the Bill. I will introduce the Bill now, and at the end I will respond to the debate, and on the amendments that several hon. Members have tabled. Clause 1(a) will increase from £12 billion to £20 billion the aggregate limit of financial assistance that can be provided under section 8(1) of the Industrial Development Act 1982; this is to reflect inflation adjustments since the limit was last raised in 2009. Clause 1(b) will raise from £1 billion to £1.5 billion the level of incremental increases that can be made in an order by the Secretary of State; again, this reflects inflation adjustments since the limit was last raised in 2009. The parliamentary scrutiny arrangements for these incremental increases will remain precisely as they were, namely that they will be subject to the affirmative legislative procedure. Clause 2 will amend the financial assistance for exports and overseas investment under the Export and Investment Guarantees Act 1991. It will make four changes to the Act: it will raise the commitment limit from £84 billion to £160 billion; it will simplify the legislation by expressing the limit in sterling, rather than in special drawing rights; it makes provision for the limit to be increased by increments of up to £15 billion through secondary legislation, as the need arises; and it will remove the limit on the number of occasions on which the commitment limit can be raised. Clause 3 outlines the territorial extent of the Bill. I can confirm that the Bill does not engage the legislative consent motion process. My Department had discussions, prior to the introduction of the Bill, with all the devolved Governments; they confirm that the legislative consent motion process is not engaged. I hope all hon. Members will agree that all three clauses should stand part of the Bill. I look forward to hearing the debate on the amendments.