delete The Financial Assistance For Industry (Increase of Limit) (No. 2) Order 2009
This Order increases the statutory limit on government financial assistance to industry under section 8(5) of the Industrial Development Act 1982 by £600 million, raising it from £4,900 million to £5,500 million. It extends to the whole of the United Kingdom.
This Order expands the government's capacity to intervene in industry through subsidies and financial support. The Industrial Development Act 1982 is a corporate welfare mechanism that distorts market signals, props up inefficient firms, creates moral hazard by encouraging excessive risk-taking, and allocates resources based on political rather than entrepreneurial judgment. Each increase in the spending limit enables further misallocation of capital away from market-determined uses. The Order perpetuates the fiction that government bureaucrats can identify promising industries better than the price mechanism, a fundamental misunderstanding that Adam Smith, Mises, and Hayek all exposed.