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<p>Under the Budget Exchange system, the devolved administrations can carry forward
unallocated DEL budget from one financial year to the next, within previously agreed
limits and with the consent of HM Treasury Ministers.</p><p> </p><p>As set out in
the Statement of Funding Policy, a limit of 0.6% applies to Resource DEL underspends
and 1.5% to Capital DEL underspends in any year. Any underspends in excess of these
limits will be forfeited.</p><p> </p><p>Over the last three financial years, all underspends
in non-ringfenced Resource DEL and Capital DEL (excluding Financial Transaction Capital)
have been accessed under the Budget Exchange system in the following year, rather
than being surrendered to HM Treasury.</p><p> </p><p>Any underspend not accessed under
the Budget Exchange Scheme and returned to HM Treasury is either non-cash Resource
or Financial Transactions Capital.</p>
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