Section 6 Commitment limits.I1

United Kingdom

(1)

The aggregate amount of the Secretary of State’s commitments at any time under arrangements relating to exports and insurance shall not exceed F1£160 billion.

(2)

In subsection (1) above, “arrangements relating to exports and insurance” means—

(a)

arrangements under section 1 or 2 of this Act, other than arrangements for giving grants or arrangements under section 1(3), and

(b)

arrangements under the old law, other than arrangements for giving grants.

(3)

The aggregate amount of the Secretary of State’s commitments at any time under section 3 of this Act shall not exceed F226,200 million special drawing rights

(4)

The Secretary of State may by order increase or further increase—

(a)

F3the limit in subsection (1) above by a F4sum not exceeding £15 billion,

(b)

F5the limit in subsection (3) above by a sum specified in the order not exceeding F6... 2,000 million special drawing rights.

F7...

F8after the commencement of section 12 of the Small Business, Enterprise and Employment Act 2015

F9(4A)

The Secretary of State must not in respect of F10the limit in subsection (3) exercise the power to make an order on more than three occasions.

(5)

For the purposes of this section and section 7 of this Act—

(a)

the commitments of the Secretary of State under any arrangements are his rights and liabilities relating to the arrangements,

(b)

the amount of any commitments shall be ascertained in accordance with principles determined from time to time by the Secretary of State with the consent of the Treasury,

F11(c)

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

(d)

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

(e)

the equivalent in F12sterling or special drawing rights of the amount of any commitments F13... shall be ascertained at intervals determined from time to time by the Secretary of State with the consent of the Treasury and in accordance with principles so determined.

(6)

A determination under subsection (5)(e) above may provide for leaving out of account for the purposes of the limit in subsection F14(1) or (3) above any amount by which the limit would otherwise be exceeded to the extent that the amount is attributable to—

(a)

a revaluation of commitments under subsection (5)(e) above, or

(b)

the fulfillment of an undertaking which, had it been fulfilled when given, would not have caused the limit to be exceeded.

(7)

Any power to make an order under this section is exercisable only with the consent of the Treasury.

Annotations

Textual amendments

F1: Sum in S. 6(1) substituted (18.5.2026) by Industry and Exports (Financial Assistance) Act 2026 (c. 14), ss. 2(1)(a), 3(2)
F2: Words in s. 6(3) substituted for s. 6(3)(a)(b) (26.5.2015) by Small Business, Enterprise and Employment Act 2015 (c. 26), ss. 12(3), 164(3)(a)(iv)
F3: Words in s. 6(4)(a) substituted (26.5.2015) by Small Business, Enterprise and Employment Act 2015 (c. 26), ss. 12(4)(a)(i), 164(3)(a)(iv)
F4: Words in s. 6(4)(a) substituted (18.5.2026) by Industry and Exports (Financial Assistance) Act 2026 (c. 14), ss. 2(1)(b), 3(2)
F5: Words in s. 6(4)(b) substituted (26.5.2015) by Small Business, Enterprise and Employment Act 2015 (c. 26), ss. 12(4)(b)(i), 164(3)(a)(iv)
F6: Words in s. 6(4)(b) omitted (26.5.2015) by virtue of Small Business, Enterprise and Employment Act 2015 (c. 26), ss. 12(4)(b)(ii), 164(3)(a)(iv)
F7: Words in s. 6(4) omitted (26.5.2015) by virtue of Small Business, Enterprise and Employment Act 2015 (c. 26), ss. 12(4)(c), 164(3)(a)(iv)
F8: Words in s. 6(4) inserted (26.5.2015) by Small Business, Enterprise and Employment Act 2015 (c. 26), ss. 12(5), 164(3)(a)(iv)
F9: S. 6(4A) inserted (26.5.2015) by Small Business, Enterprise and Employment Act 2015 (c. 26), ss. 12(6), 164(3)(a)(iv)
F10: Words in s. 6(4A) substituted (18.5.2026) by Industry and Exports (Financial Assistance) Act 2026 (c. 14), ss. 2(1)(c), 3(2)
F11: S. 6(5)(c)(d) omitted (26.5.2015) by virtue of Small Business, Enterprise and Employment Act 2015 (c. 26), ss. 12(7)(a), 164(3)(a)(iv)
F12: Words in s. 6(5)(e) inserted (18.5.2026) by Industry and Exports (Financial Assistance) Act 2026 (c. 14), ss. 2(1)(d), 3(2)
F13: Words in s. 6(5)(e) omitted (26.5.2015) by virtue of Small Business, Enterprise and Employment Act 2015 (c. 26), ss. 12(7)(b), 164(3)(a)(iv)
F14: Words in s. 6(6) substituted (26.5.2015) by Small Business, Enterprise and Employment Act 2015 (c. 26), ss. 12(8), 164(3)(a)(iv)

Commencement

I1: S. 6 wholly in force at 23.10.1991 see s. 15(6) and S.I. 1991/2430, art. 2

Notes on Part I

Commencement

I1: Part I wholly in force at 23.10.1991 see s. 15(6) and S.I. 1991/2430, art. 2