Industry and Exports (Financial Assistance) Bill Committee: Amendment 1

What happened: On 23 February 2026, MPs voted on Amendment 1 to the Industry and Exports (Financial Assistance) Bill during its Committee stage -- a line-by-line scrutiny phase held unusually on the floor of the House of Commons rather than in a smaller committee room. The amendment, which sought to modify the criteria or processes governing how the government can provide financial assistance to businesses and exporters, was defeated by 272 votes to 161.

Why it matters: The Industry and Exports (Financial Assistance) Bill's central purpose is to raise the cap on financial assistance the government can provide under existing legislation -- specifically increasing the aggregate limit from £12 billion to £20 billion under Section 8(1) of the Industry Act. This amendment represented an attempt by opposition parties to impose additional constraints or accountability requirements on how that expanded financial firepower could be used. Its defeat means the government retains its preferred, more flexible approach to directing support to businesses and exporters, without the additional restrictions the amendment would have introduced.

The politics: The division fell sharply along government-versus-opposition lines. All 272 No votes came from Labour and Labour-Co-operative MPs, while the 161 Ayes were drawn almost entirely from opposition parties -- Conservatives (78), Liberal Democrats (52), SNP (6), Reform UK (5), DUP (5), Plaid Cymru (4), Greens (4), and five Independents. Only one Labour MP voted with the opposition. The result mirrors a companion vote held the same day on New Clause 2, which was similarly defeated 273 to 156, suggesting a coordinated set of opposition amendments all of which the government resisted and defeated comfortably.