CMA secures £ 17million advance to keep Canary Wharf office movement on track
The Competition and Markets Authority has requested an advance of more than £ 17million from the government’s contingency fund to provide initial liquidity to keep its move to a new Canary Wharf office on schedule.
The non-ministerial oversight department revealed plans to move its headquarters from Holborn to central London last August, further confirming the east London financial district as a growing hotbed for civil servants.
The CMA will lease space in the renovated Cabot building from September under a new 15-year lease that will also provide the watchdog with space to expand after the UK leaves the UK. European Union.
In a written ministerial statement, Kelly Tolhurst, Minister of Business, Energy and Industrial Strategy responsible for corporate responsibility, said the initial funding request for the CMA would meet the cash flow needs of the relocation of the office. Indeed, the construction costs of the renovated building, which were to be paid after royal assent of the Appropriations and Appropriations Act for 2019-2020 in March 2019, were to be paid during the last quarter of the current fiscal year. .
“The cash advance will ensure that the project stays on track and within budget and will ensure that AMC is also meeting its operational needs,” she said.
The announcement of the withdrawal of funding came as the CMA released its annual plan for 2019-2020, which stated that it had “secured additional funding for 2018-2019 and 2019-2020 for the relocation of the office from the CMA. AMC at Canary Wharf in 2019 to ensure it does not impact the day-to-day operational requirements of the organization ”.
Tolhurst’s statement indicates that parliamentary approval for additional resources of £ 2,793,000 and capital of £ 14,256,000 will be requested in a supplementary estimate for the CMA, and pending such approval, the urgent expenditure estimated at 17,049 £ 000 will be covered by reimbursable cash advances from the Contingency Fund. .
The world of public service asked AMC for more details on the use of funds and the implications of the reclamation plans.
The CMA’s move to Canary Wharf will follow in the footsteps of HM Revenue and Customs, the Medicines and Health Products Regulatory Agency and the Pensions Ombudsman, all of whom are tenants of the new government center in the Financial District.
The Cabinet Office said about 6,000 officials and full-time officials from Whitehall offices have moved or will relocate to the center, which is part of the government’s revised real estate strategy to relocate positions in the office. government across the country to stimulate local growth.