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Contingencies Fund Advance: National Savings and Investments

My honourable friend the Economic Secretary to the Treasury (Lucy Rigby) has today made the followng Written Ministerial Statement.

HM Treasury has agreed additional Resource departmental expenditure limit (DEL) and Capital DEL funding for National Savings and Investments (NS&I), supporting NS&I’s Business Transformation Programme, which will see it transition to a modernised operating model, with multiple service delivery partners.

Parliamentary approval for additional resource of £40,000,000 and capital of £69,000,000 will be sought in a Supplementary Estimate for NS&I. Pending that approval, urgent expenditure estimated at £109,000,000 will be met by repayable cash advances from the Contingencies Fund.