Contingencies Fund Advance: UK Government Investments Ltd Debate
Full Debate: Read Full DebateDepartment: HM Treasury
Harriett Baldwin
Main Page: Harriett Baldwin (Conservative - West Worcestershire)Department Debates - View all Harriett Baldwin's debates with the HM Treasury
Contingencies Fund Advance: UK Government Investments Ltd
Harriett Baldwin Excerpts(8 years, 7 months ago)
Written StatementsRead Full debate Read Hansard Text Read Debate Ministerial Extracts
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.
[HCWS662]