I would like to inform the House that a cash advance from the Contingencies Fund has been sought for the Serious Fraud Office (SFO).
The advance is required to cover costs relating to the investigation and prosecution of very large cases pending parliamentary approval of the 2023-24 supplementary estimate. Part of the SFO’s supplementary estimate will seek an increase in both its resource departmental expenditure limit (DEL) and net cash requirement in relation to these cases.
This reflects funding arrangements agreed with HM Treasury, whereby through the supplementary estimates process the SFO can access the HM Treasury Reserve for the additional costs of cases that are individually over 4% of the SFO’s non-ringfenced resource DEL.
Parliamentary approval for additional resources of £22,253,000 will be sought in a supplementary estimate for the SFO. Pending that approval, urgent expenditure estimated at £22,253,000 will be met by repayable cash advances from the Contingencies Fund.
The advance will be repaid upon Royal Assent to the Supply and Appropriation (Anticipation and Adjustments) Bill.
[HCWS278]