Commons Sense

House of Commons · Written Ministerial Statement

Contingencies Fund Advance

20 July 2020 · Department for Business, Energy and Industrial Strategy

Proposed by Nadhim Zahawi Con Stratford-on-Avon

Energy

Summarised by AI from the official record, so it can contain mistakes.

View on Parliament.uk

At a glance

Key points

  • The Department for Business, Energy and Industrial Strategy is requesting a 5.07 billion advance from the Contingencies Fund.
  • Parliamentary approval is needed for a Supplementary Estimate to provide the additional capital.
  • The advance will be repayable until the Supply and Appropriation Bill is enacted.

Issue summary

The Department for Business, Energy and Industrial Strategy is seeking an advance of £5.07 billion from the Contingencies Fund to fund the Nuclear Liabilities Fund (NLF).

Action requested

Parliamentary approval is sought for additional capital of £5.07 billion in a Supplementary Estimate, with urgent expenditure met by a repayable cash advance from the Contingencies Fund until the Supply and Appropriation Bill receives Royal Assent.

Key facts

  • The Department seeks an advance of £5,070,000,000 from the Contingencies Fund.
  • Funding will be used to increase the NLF’s public sector assets with a deposit in the National Loans Fund.
  • The payment is fiscally neutral and avoids immediate negative fiscal impact.
  • Parliamentary approval for £5,070,000,000 additional capital will be sought in a Supplementary Estimate.
  • The cash advance will be repaid upon receiving Royal Assent on the Supply and Appropriation Bill.
▸ Assessment & feedback
Summary accuracy