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Serious Fraud Office (Contingencies Fund)

Volume 586: debated on Thursday 23 October 2014

I would like to inform the House that a cash advance from the Contingencies Fund has been sought for the Serious Fraud Office (SFO).

In line with the current arrangement for SFO funding agreed with HM Treasury, the SFO will be submitting a reserve claim as part of the supplementary estimate process for 2014-15.

The advance is required to meet an urgent cash requirement on existing services pending parliamentary approval of the 2014-15 supplementary estimate. The supplementary estimate will seek an increase in both the resource departmental expenditure limit and the net cash requirement in order to cover the cost of significant investigations and the settlement of material liabilities.

Parliamentary approval for additional resources of £26,500,000 will be sought in a supplementary estimate for the Serious Fraud Office. Pending that approval, urgent expenditure estimated at £26,500,000 will be met by a repayable cash advance from the Contingencies Fund. Should further resources be required, the Serious Fraud Office will seek authority through the Treasury in the normal way.

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