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Contingencies Fund Advance

20 July 2020

Proposing MP
Nadhim Zahawi Con
Stratford-on-Avon
Type
Written Ministerial Statement
Department
Department for Business, Energy and Industrial Strategy
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At a Glance

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.
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