Contingencies Fund Advance

Jo Swinson Excerpts

Thursday 31st January 2013 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 from the contingencies fund has been sought for the Office of Fair Trading (OFT).

The advance is required to meet an urgent cash requirement on existing services pending parliamentary approval of the 2012-13 supplementary estimate. The supplementary estimate seeks an increase in net cash requirement in order to settle material liabilities recognised in the prior year. Parliamentary approval for additional cash of £8.8 million will be sought in a supplementary estimate for the Office of Fair Trading. Pending that approval, urgent expenditure estimated at £8.8 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 Bill.

A copy of the final evidence will be placed in the Libraries of both Houses and will be available at www.gov.uk.