Competition and Markets Authority: Contingencies Fund Advance

Wednesday 28th January 2015 Written Statements

[The Parliamentary Under-Secretary of State for Business, Innovation and Skills (Jo Swinson)]

The Department for Business, Innovation and Skills wishes to report that a cash advance of £13 million from the Contingencies Fund has been sought for the Competition and Markets Authority (“the CMA”).

The advance is required to meet an urgent cash requirement on existing services pending parliamentary approval of the 2014-15 supplementary estimate. The supplementary estimate seeks an increase in net cash requirement in order to settle material liabilities arising from an increase in the level of existing services and utilisation of a budget cover transfer from BIS to the CMA.

Parliamentary approval for additional resources of £13 million, will be sought in a supplementary estimate for the CMA. Pending that approval, urgent expenditure, estimated at £13 million, will be met by repayable cash advances from the Contingencies Fund.

The advance will be repaid upon Royal Assent of the Supply and Appropriation (Anticipation and Adjustments) Bill.

[HCWS227]