Amkgp: clean up, typo(s) fixed: permenant → permanent, responce → response
The '''Contingencies Fund Act 2020''' was created to increase the maximum capital of the [[contingency fund]] from 2%, as set out in Section 1 of the [[Contingencies Fund Act 1974]], to 50%. It was introduced by [[Chancellor of the Exchequer]] [[Rishi Sunak]] in response to the [[2019–20 coronavirus pandemic]].
== Background ==
The Contingencies Fund was established in 1862 by [[HM Treasury]]. It originally consisted of a fixed amount of capital which was increased over time and by 1945 had reached £1.5 million. Before this legislation, the [[Contingencies Fund Act 1974]]<nowiki/>giv required that the permanent capital of the fund not exceed 2% of the authorised supply expenditure of the previous financial year. The fund provides cash loans to government departments.<ref></ref>
Due to the [[Coronavirus disease 2019|COVID-19]] outbreak, this legislation raises the limit to 50%.
== Provisions ==
=== Section 1 ===
Increases the limit from 2% to 50% automatically expiring on 1 April 2021.
== References ==
2020
<br />
[[Category:2020 in British law]]
[[Category:United Kingdom Acts of Parliament 2020]]
[[Category:2020 coronavirus pandemic in the United Kingdom]]
== Background ==
The Contingencies Fund was established in 1862 by [[HM Treasury]]. It originally consisted of a fixed amount of capital which was increased over time and by 1945 had reached £1.5 million. Before this legislation, the [[Contingencies Fund Act 1974]]<nowiki/>giv required that the permanent capital of the fund not exceed 2% of the authorised supply expenditure of the previous financial year. The fund provides cash loans to government departments.<ref></ref>
Due to the [[Coronavirus disease 2019|COVID-19]] outbreak, this legislation raises the limit to 50%.
== Provisions ==
=== Section 1 ===
Increases the limit from 2% to 50% automatically expiring on 1 April 2021.
== References ==
2020
<br />
[[Category:2020 in British law]]
[[Category:United Kingdom Acts of Parliament 2020]]
[[Category:2020 coronavirus pandemic in the United Kingdom]]
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