The Intelligence and Security Committee (ISC) is an independent Committee established by the Intelligence Services Act 1994 to examine the policy, administration and expenditure of the three UK intelligence and security Agencies: the Security Service (MI5), the Secret Intelligence Service (MI6) and the Government Communications Headquarters (GCHQ).

The Committee also examines the work of the Joint Intelligence Organisation and the National Security Secretariat in the Cabinet Office, Defence Intelligence in the Ministry of Defence and the Office for security and Counter-Terrorism in the Home Office.

Among its conclusions in its latest report:

“Given the scale of cuts across the rest of the public sector, the intelligence and security Agencies received a fair settlement as part of the 2010 Spending Review.

Nevertheless, it presents them with a significant challenge: after a decade of growth, they now face ‘flat-cash’ funding for the next four years. Taking account of inflation, this represents a real-terms cut of at least 11%.

This will inevitably have an impact on the ability of all three Agencies to maintain current levels of coverage of the threat. It is essential – given the fundamental importance to our national security of the Agencies’ work – that the settlement is kept under review and that there is scope to adjust it if there is a significant change in the threat.