Contingencies Fund advance

Treasury written statement – made on 17th December 2020.

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Photo of John Glen John Glen Minister of State (Treasury) (City), The Economic Secretary to the Treasury

HM Treasury and the Chief Secretary to the Treasury have agreed additional Resource DEL funding of £40,500,000 for National Savings and Investments to respond to Covid-19 issues, build greater operational resilience and prepare for a major retendering event.

Parliamentary approval for additional resources of £40,500,000 will be sought in a Supplementary Estimate for National Savings and Investments. Pending that approval, urgent expenditure estimated at £40,500,000 will be met by repayable cash advances from the Contingencies Fund.