I am repeating the following written ministerial statement made today in the other place by my noble Friend the Minister for Arts, Lord Parkinson of Whitley Bay:
I am tabling this statement for the benefit of all members of this House to draw their attention to the departmental minute laid today which provides notice of a contingent liability created by the Department. This is in respect of a request for the Government to provide an underwrite to The Platinum Jubilee Pageant Ltd (“The Pageant Company”) to cover any projected losses should the platinum jubilee pageant be cancelled due to specific, extenuating circumstances. The underwrite will only be agreed in the event of certain conditions being met.
Buckingham Palace has invited the directors of The Pageant Company to deliver the platinum jubilee pageant. The Pageant Company is a company limited by guarantee.
The Pageant Company is independently fundraising to deliver the pageant at no cost to the taxpayer. The Government wish to place on record its thanks to the board of The Platinum Jubilee Pageant Company, and to all their partners and donors, for their efforts to mark this historic moment in our nation's history. Given the Government underwrite will only provide The Pageant Company with financial support in the event that the pageant is cancelled due to specific, extenuating circumstances, the likelihood that the underwrite will be required is low.
The Government underwrite will be capped at £2.45 million, will expire at midnight on Monday 6 June 2022, and will not be used to repay donors.
A copy of the departmental minute will be placed in the Libraries of both Houses.