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.

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."

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.