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Departmental Contingent Liability Notification for the European Centre for Medium-Range Weather Forecasts HQ Project

02 September 2024

Proposing MP
Peter Kyle Lab
Hove and Portslade
Type
Written Ministerial Statement
Department
Department for Science, Innovation and Technology
View on Parliament.uk -->

At a Glance

Issue Summary

This statement addresses the UK's commitment to fund the construction of a new headquarters for the European Centre for Medium-Range Weather Forecasts (ECMWF) on the University of Reading campus.

Action Requested

The Government is seeking approval for two indemnities: one related to costs incurred by the university and another regarding potential liabilities at the end of the lease term. These indemnities are necessary to secure the project's completion and ensure ECMWF remains in the UK.

Key Facts

  • The UK agreed to fully fund the construction of a new ECMWF HQ on the University of Reading campus.
  • Two contingent liabilities are required: one for costs incurred by UoR (£14.4 million) and another for potential liabilities at lease end (uncapped, estimated around £500k).
  • The project will maintain approximately 270-300 skilled roles in the UK with a net present value of £97m.
  • Detailed planning consent was received on 24 July 2024.
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