Contingencies Fund Advance: Energy Price Guarantee (Domestic)

I hereby give notice of the Department for Business, Energy and Industrial Strategy’s intention to seek an advance from the Contingencies Fund totalling £3,531,500,000 to enable initial expenditure on the Government’s energy price guarantee domestic scheme to be spent ahead of the passage of the Supply and Appropriation Act.

The funding is urgently required for HM Government to provide domestic support for household energy bills.

Parliamentary approval for additional resources of £3,531,500,000 for this new expenditure will be sought in a supplementary estimate for the Department for Business, Energy and Industrial Strategy. Pending that approval, urgent expenditure estimated at £3,531,500,000 will be met by repayable cash advances from the Contingencies Fund.

The cash advances will be repaid upon receiving Royal Assent to the related Supply and Appropriation Bill.

The amount requested provides for initial scheme expenditure only, in anticipation of Parliament voting for the resource required for this financial year through an out-of-turn estimate. Due to urgency, the Contingencies Fund advance provides the immediate cash requirement in the period between scheme start and Parliamentary approval.

Further information can be found in the “Central Government Supply Estimates 2022-23, Out-of-Turn Supplementary Estimates, October 2022” available at www.gov.uk.

[HCWS398]