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Contigency Fund update

My hon Friend, the Parliamentary Under Secretary of State for Small Business, Consumers and Corporate Responsibility (Kelly Tolhurst) has made the following statement:

The Competition and Markets Authority (CMA) has sought a repayable cash advance from the Contingencies Fund of £14,700,000 to ensure the CMA’s relocation to Canary Wharf remains on schedule.

The CMA will receive its voted funding for this project at the Main Estimate, and consequently may only draw the related cash from the Consolidated Fund after the Supply and Appropriation Act has received Royal Assent in July 2019. This requirement has arisen because the 2019-20 capital expenditure for the construction works at the CMA’s new offices at Cabot Square exceeds the Vote on Account for capital expenditure prior to Royal Assent. The requirement to include the voted funding in the Main Estimate was agreed after the Vote on Account for 2019-20 was approved.

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

Parliamentary approval for additional capital of £14,700,000 will be sought in the Main Estimate for the CMA. Pending that approval, urgent expenditure estimated at £14,700,000 will be met by repayable cash advance from the Contingencies Fund.