Question to the Department for Business and Trade:

To ask the Secretary of State for Business and Trade, what underspends there have been in (a) his Department and (b) each of its arms length bodies in (i) this financial year and (ii) the Spending Review period.

As the Chancellor set out in her statement on July 29, the government’s spending audit has identified a forecast Resource DEL overspend of £21.9 billion against the plans set out for departments at Spring Budget 2024. This already factors in the Treasury’s assessment of a £7.1bn fallaway over the course of the year, as set out in Table 1 of Fixing the foundations: public spending audit 2024-25.

The government has announced £5.5 billion of savings in 2024-25, bringing the in-year pressures down to £16.4 billion.

The Department for Business and Trade was created in February 2023 and is therefore the current financial year represents the departments second full financial year of operation. For the financial year 2023-24 the financial outturn, including details of any underspends, is still being finalised. The final numbers will be published in the Annual Report and Accounts in the Autumn 2024.

The extent of any underspends in this financial year will be confirmed only when the financial year has concluded.