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Serious Fraud Office (Contingencies Fund Advance)

Volume 604: debated on Thursday 7 January 2016

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 2015-16.

The advance is required to meet an urgent cash requirement on existing services pending parliamentary approval of the 2015-16 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 £21,137,000 (twenty one million, one hundred and thirty seven thousand pounds) will be sought in a supplementary estimate for the Serious Fraud Office. Pending that approval, urgent expenditure estimated at £15,500,000 (fifteen million, five hundred thousand pounds) will be met by a repayable cash advance from the Contingencies Fund.

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