Covid-19: Public Wealth Investment Fund

Debate between Viscount Trenchard and Lord Agnew of Oulton

Tuesday 9th June 2020 Lords Chamber

[Lord Agnew of Oulton [V]]

I will have to write to the noble Lord to provide specific information on that.

[Viscount Trenchard (Con)]

My Lords, if the Government were to establish a sovereign wealth fund, might one of its objectives be to invest in major infrastructure projects, such as the currently suspended Horizon Nuclear Power project at Wylfa, Ynys Môn?

[Lord Agnew of Oulton [V]]

Infrastructure is a vital part of rebuilding from this crisis. I am unsure at this stage whether it will be done through the mechanism of a sovereign wealth fund. At the moment, we have the opportunity as a national Government to borrow cheaply, which, if invested well in infrastructure, could be a simpler approach than a sovereign wealth fund.