Moved by
Baroness Blake of Leeds
4: After Clause 9, insert the following new Clause—
“The subsidy strategy
(1) The subsidy strategy is a strategy made by regulations made by the Secretary of State which outlines how, in the opinion of the Secretary of State—
(a) subsidies should be used by public authorities to support the delivery of an industrial strategy,
(b) subsidies should contribute to progress towards meeting the target in section 1 of the Climate Change Act 2008 (carbon target for 2050), and
(c) the subsidy control scheme established under this Act should interact with, or be otherwise influenced by, other public schemes including (but not limited to)—
(i) a UK Shared Prosperity Fund, and
(ii) the Levelling Up Fund.
(2) Regulations under this section are subject to the affirmative procedure.”
Member’s explanatory statement
This amendment seeks the creation of a clear subsidy strategy, to be laid before and approved by Parliament. Such a strategy would set out how Her Majesty’s Government expects subsidies to be used to support a wider industrial strategy and progress towards the 2050 net zero target. It would also outline how the new subsidy control scheme works alongside other initiatives including the Shared Prosperity Fund and Levelling Up Fund.