April 19, 2018 / 2:13 PM / 10 months ago

UK fraud prosecutor secures hike in core funding

LONDON, April 19 (Reuters) - Britain’s Serious Fraud Office (SFO) said on Thursday its core funding would rise to 52.7 million pounds ($75 million) this year but that extra government funding for costly cases would be cut in a budget rebalancing to improve casework efficiency.

The SFO, which investigates and prosecutes complex fraud, bribery and corruption, said special “blockbuster” funding from government for individual cases would now cover spend in excess of 2.5 million pounds on any single case in a given year.

The agency used to be able to apply for blockbuster funding for the full cost of any case forecast to cost more than five percent of its core budget, which had originally been set at 34.3 million pounds for the 2018-2019 financial year.

$1 = 0.7029 pounds Reporting by Kirstin Ridley, editing by Huw Jones

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