It originally consisted of a fixed amount of capital which was increased over time and by 1945 had reached £1.5 million.

[citation needed] The bill was introduced in the Commons on 24 March 2020 and passed all stages in one day.

[citation needed] Shadow Chancellor of the Exchequer John McDonnell announced in the Second Reading debate that Labour would support the bill.

Though the Act was set to automatically expire, replacement legislation was introduced to Parliament in March 2021.

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