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Office of Fair Trading (Contingencies Fund Advance)

Volume 574: debated on Tuesday 28 January 2014

The Department for Business, Innovation and Skills wishes to report that a cash advance from the Contingencies Fund has been sought for the Office of Fair Trading (OFT).

The advance is required to meet an urgent cash requirement on existing services pending parliamentary approval of the 2013-14 supplementary estimate. The supplementary estimate seeks an increase in the net cash requirement in order to settle material liabilities recognised in the prior year.

Parliamentary approval for additional cash of £5 million will be sought in a supplementary estimate for the Office of Fair Trading. Pending that approval, urgent expenditure estimated at £5 million will be met by repayable cash advances from the Contingencies Fund.

The advance will be repaid upon Royal Assent of the Supply and Appropriation (Anticipation and Adjustments) Bill.