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Competition and Markets Authority: Contingencies Fund Advance

Volume 654: debated on Wednesday 13 February 2019

The Competition and Markets Authority (CMA) has sought a repayable cash advance from the Contingencies Fund of £17,049,000 to ensure the CMA’s relocation to new offices remains on schedule.

The CMA will only receive its voted funding for this project at the supplementary estimate, and consequently may only draw the related cash from the Consolidated Fund after the Supply and Appropriation Act has received Royal Assent in March 2019. This requirement has arisen because the 2018-19 expenditure for the construction works at the CMA’s new offices is predominantly falling in the last quarter of this financial year.

The cash advance will ensure the project stays on track and on budget and ensure that the CMA also meets its operational needs.

Parliamentary approval for additional resources of £2,793,000 and capital of £14,256,000 will be sought in a supplementary estimate for the CMA. Pending that approval, urgent expenditure estimated at £17,049,000 will be met by repayable cash advances from the Contingencies Fund.