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The paper reviews the implications of the EU–UK Trade and Cooperation Agreement (TCA) for the control of subsidies. Controls will be less strict than under the EU state aid regime but tighter than with no deal and WTO rules. A subsidy control authority will be established by the UK which will oversee the application of broad principles set out in the TCA. A well-designed authority would help to prevent a repeat of the UK experience in the 1970s and 1980s, when subsidies were detrimental to economic performance. Regrettably, however, the government has decided to adopt a politicized approach to subsidy policy.