Industry Act 1975
The Industry Act 1975 (c. 68) was an Act of the Parliament of the United Kingdom passed by Harold Wilson's Labour government.
| Act of Parliament | |
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| Long title | An Act to establish a National Enterprise Board; to confer on the Secretary of State power to prohibit the passing to persons not resident in the United Kingdom of control of undertakings engaged in manufacturing industry, and power to acquire compulsorily the capital or assets of such undertakings where control has passed to such persons or there is a probability that it will pass; to amend the Industry Act 1972 and the Development of Inventions Act 1967; to make provision for the disclosure of information relating to manufacturing undertakings to the Secretary of State or the Minister of Agriculture, Fisheries and Food, and to trade unions; and for connected purposes. |
|---|---|
| Citation | 1975 c. 68 |
| Dates | |
| Royal assent | 12 November 1975 |
| Other legislation | |
| Amends | Industry Act 1972 |
Status: Amended | |
| Text of statute as originally enacted | |
| Text of the Industry Act 1975 as in force today (including any amendments) within the United Kingdom, from legislation.gov.uk. | |
Background
The Labour Party manifesto for the October 1974 general election stated:
A new and urgent Industry Act will provide for a system of Planning Agreements between the Government and key companies to ensure that the plans of those companies are in harmony with national needs and objectives and that Government financial assistance is deployed where it will be most effectively used. Wherever we give direct aid to a company out of public funds we shall reserve the right to take a proportionate share of the ownership of the company; and wherever possible this public support will be channelled through the Planning Agreements System.[1]
These ideas were inspired by the writings of the socialist economist Stuart Holland and gave impetus to the growing desire amongst Labour's left-wing to fulfil the promise contained in Clause IV of the Party's constitution for social ownership of the economy.[2]
Notes
- The Labour Party Manifesto: October, 1974
- Ben Pimlott, Harold Wilson (London: HarperCollins, 1992), p. 665.
References
- Ben Pimlott, Harold Wilson (London: HarperCollins, 1992).
Further reading
- Alan Budd, The Politics of Economic Planning (Manchester: Manchester University Press, 1978).
- Michael Hatfield, The House the Left Built: Inside Labour Policy Making, 1970-75 (London: Victor Gollancz, 1978).
- Mark Wickham-Jones, Economic Strategy and the Labour Party: Politics and Policy-Making, 1970-83 (London: Palgrave Macmillan, 1996).