An Act to make provision increasing the maximum capital of the Contingencies Fund for a temporary period.
Be it enacted by the Queen's most Excellent Majesty, by and with the advice and consent of the Lords Spiritual and Temporal, and Commons, in this present Parliament assembled, and by the authority of the same, as follows:—
Temporary increase of capital limit of Contingencies Fund
Section 1(1) of the Contingencies Fund Act 1974 (which provides that the capital of the Contingencies Fund must not exceed 2 per cent of the authorised supply expenditure for the year ending on the previous 31 March) is modified as follows.
The reference to 2 per cent is to be read as if it were a reference to 50 per cent.
The modification made by subsection (2) has effect in relation to any time before 1 April 2021.
Short title
This Act may be cited as the Contingencies Fund Act 2020.