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Contingencies Fund Advance

19 October 2022

Proposing MP
Andrew Griffith Con
Arundel and South Downs
Type
Written Ministerial Statement
Department
Treasury
View on Parliament.uk -->

At a Glance

Issue Summary

The statement addresses the need for parliamentary approval of additional capital to cover unexpected expenditures related to unwinding the Bank of England's Quantitative Easing programme.

Action Requested

Immediate expenditure of £828,267,000 will be met by repayable cash advances from the Contingencies Fund until parliamentary approval is granted in a future Supply Estimate for HM Treasury.

Key Facts

  • The APF has transferred circa £120 billion to HMT from interest payments on purchased gilts.
  • MPC decisions mean that the reversal of cash flows will begin in October 2022, requiring an immediate payment to the APF.
  • Parliamentary approval for additional capital of £828,267,000 is sought in a future Supply Estimate.
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