(8 years, 8 months ago)
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The Economic Secretary to the Treasury (Harriett Baldwin)
In May 2015 the Chancellor announced that the Shareholder Executive (ShEx) and UK Financial Investments (UKFI) were to be brought together under a single holding company, UK Government Investments (UKGI). UKGI was incorporated on 11 September 2015 and will commence operations from 1 April 2016.
The resources and cash to finance UKGI’s spending will form part of HM Treasury’s main estimate for 2016-17. Parliamentary authority enabling UKGI to be funded is included in the Enterprise Bill which is currently before Parliament but is yet to receive Royal Assent.
Parliamentary approval for resources of £12,100,000 for this new service will be sought in the main estimate for HM Treasury. Pending that approval, urgent expenditure estimated at £2,400,000 will be met by repayable cash advances from the Contingencies Fund.
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