Gareth Davies

The British Growth Partnership Fund I will invest in later-stage, high-growth UK companies identified through the British Business Bank's pipeline, building on the Bank's established track record of backing high-potential science and technology firms. Due to the size of the investments and the nature of portfolio construction, the first close of the fund will benefit a limited number of later-stage venture backed businesses.

There is no employment target for British Growth Partnership Fund I. Previous evaluations of the Bank's venture programmes have demonstrated strong economic impact, including job creation and increased Gross Value Added.

The British Growth Partnership Fund I will be evaluated against its objectives by the British Business Bank, which will publish the findings. The evaluation methodology will be consistent with the Bank's approach to assessing its existing programmes. The overall evaluation strategy will include an early impact report within three years of the fund being established, followed by an interim evaluation.

The long-term nature of venture capital investing and the inherent challenges of increasing institutional investment into UK VC mean that the full economic impact will only be known in the long run, around 10 years after the fund has closed.

The government consulted on proposals for reform of landfill tax on 28 April following a call for evidence in 2021. The consultation closed on 28 July, and the government is currently considering responses.

As part of the consultation on Reform of Landfill Tax, the Government has received a wide range of views from stakeholders, including representatives from the construction sector. Reducing the amount of waste material sent to landfill remains a key environmental objective, supporting the transition to a circular economy. The government recently published a 10-year infrastructure strategy that set out the government’s long-term plan for economic, housing and social infrastructure to drive growth.

We will continue to work across government and engage with stakeholders, including the National Infrastructure and Service Transformation Authority, to assess the potential impacts on infrastructure projects. This approach will ensure that infrastructure delivery is supported while advancing circular economy objectives.

The government will respond to the consultation in due course.

The government consulted on proposals for reform of landfill tax on 28 April following a call for evidence in 2021. The consultation closed on 28 July, and the government is currently considering responses.

As part of the consultation on Reform of Landfill Tax, the Government has received a wide range of views from stakeholders, including representatives from the construction sector. Reducing the amount of waste material sent to landfill remains a key environmental objective, supporting the transition to a circular economy. The government recently published a 10-year infrastructure strategy that set out the government’s long-term plan for economic, housing and social infrastructure to drive growth.

We will continue to work across government and engage with stakeholders, including the National Infrastructure and Service Transformation Authority, to assess the potential impacts on infrastructure projects. This approach will ensure that infrastructure delivery is supported while advancing circular economy objectives.

The government will respond to the consultation in due course.

The government consulted on proposals for reform of landfill tax on 28 April following a call for evidence in 2021. The consultation closed on 28 July, and the government is currently considering responses.

As part of the consultation on Reform of Landfill Tax, the Government has received a wide range of views from stakeholders, including representatives from the construction sector. Reducing the amount of waste material sent to landfill remains a key environmental objective, supporting the transition to a circular economy. The government recently published a 10-year infrastructure strategy that set out the government’s long-term plan for economic, housing and social infrastructure to drive growth.

We will continue to work across government and engage with stakeholders, including the National Infrastructure and Service Transformation Authority, to assess the potential impacts on infrastructure projects. This approach will ensure that infrastructure delivery is supported while advancing circular economy objectives.

The government will respond to the consultation in due course.

The National Wealth Fund made a £28.6 million equity investment in the South Crofty tin mine to help de-risk the project and enable it to secure additional financing to operationalise the mine. The investment supports the continued growth and sustainability of Cornwall’s mining sector. The National Wealth Fund will continue to explore opportunities to support the South Crofty tin mine alongside private sector investment.

The government consulted on proposals for reform of landfill tax on 28 April following a call for evidence in 2021. The consultation closed on 28 July, and the government is currently considering responses.

HM Treasury is working with Defra and the Environment Agency on the proposals set out in the consultation.

The government will respond to the consultation in due course.

Cornish Metals expect over 300 direct jobs to be created at South Crofty mine, with up to a further 1,000 indirect jobs being created to support the mining operation. The employment figures referenced in the HM Treasury press release were provided by Cornish Metals in their Preliminary Economic Assessment of the South Crofty project. This can be found on Cornish Metals’ website: https://cornishmetals.com/projects/uk/south-crofty/.

The National Wealth Fund is the provider of the Government’s loan for Sizewell C. This enables the project to benefit from the NWF’s operationally independent infrastructure finance expertise. Sizewell C is also a strong fit with the NWF’s mandate, as one of the UK’s top clean energy priorities, and will bring significant regional economic growth benefits.

The commitment to invest £28.6 million into Cornish Metals was made by the National Wealth Fund and announced on 28th January 2025. The investment is separate to the £24 million equity investment into Cornish Lithium announced on 23^rd August 2023 by the UKIB

The National Wealth Fund (NWF) is the provider of the Government’s loan for Sizewell C. This enables the project to benefit from the NWF’s operationally independent infrastructure finance expertise.

The NWF will repay the debt provided by HM Treasury following repayments made by Sizewell C to the NWF. The associated profit will be recycled to consumers, helping to keep the impact of Sizewell C on consumers’ bills low.

The government consulted on proposals for reform of landfill tax on 28 April following a call for evidence in 2021. The consultation closed on 28 July, and the government is currently considering responses.

The government is committed to delivering 1.5 million homes over 5 years as set out in the Plan for Change. The government is considering the potential impacts of proposed Landfill Tax reforms on housing delivery and government targets. We are working with the Department for Housing, Communities and Local Government to assess these impacts and support the delivery of 1.5 million homes.

The government will respond to the consultation in due course.

The government consulted on proposals for reform of landfill tax on 28 April following a call for evidence in 2021. The consultation closed on 28 July, and the government is currently considering responses.

The government is committed to delivering 1.5 million homes over 5 years as set out in the Plan for Change. The government is considering the potential impacts of proposed Landfill Tax reforms on housing delivery and government targets. We are working with the Department for Housing, Communities and Local Government to assess these impacts and support the delivery of 1.5 million homes.

The government will respond to the consultation in due course.

The government consulted on proposals for reform of landfill tax on 28 April following a call for evidence in 2021. The consultation closed on 28 July, and the government is currently considering responses.

The government is committed to delivering 1.5 million homes over 5 years as set out in the Plan for Change. The government is considering the potential impacts of proposed Landfill Tax reforms on housing delivery and government targets. We are working with the Department for Housing, Communities and Local Government to assess these impacts and support the delivery of 1.5 million homes.

The government will respond to the consultation in due course.

The Government published Tax Impact and Information Notes (TIINs) assessing the impacts of the 2025/26 and 2026/27 Air Passenger Duty rates:

Air Passenger Duty: rates from 1 April 2025 to 31 March 2026 - GOV.UK

Air Passenger Duty: rates from 1 April 2026 to 31 March 2027 - GOV.UK

The OBR certified costing of the changes includes a behavioural effect to account for the change in flights taken resulting from the change in the tax rates.

In line with the Climate Change Act 2008, the Government will respond to the Climate Change Committee’s Seventh Carbon Budget Advice and set the seventh carbon budget in law by 30 June 2026.

The Government will set out policies to support delivery of the seventh carbon budget as soon as reasonably practicable after this.

In line with the Climate Change Act 2008, the Government will respond to the Climate Change Committee’s Seventh Carbon Budget Advice and set the seventh carbon budget in law by 30 June 2026.

The Government will set out policies to support delivery of the seventh carbon budget as soon as reasonably practicable after this.

The National Wealth Fund remains operationally independent in its day-to-day activities and its investment committees make investment decisions based on the merits of each opportunity. All investments should align with its objectives and investment principles.

As the sole shareholder, it is right that the National Wealth Fund should be responsive to Treasury ministers’ requests to consider investment proposals. In particular, it may consider investments in emerging government priorities that are facing access to finance gaps. However, final decisions will be subject to the National Wealth Fund’s operating framework and investment principles.

As the National Wealth Fund delivers on its wider remit with an increased risk appetite, and its portfolio of investments grows, it will require more resources and expertise to manage the increasing number of projects effectively. The risk function is one of several front office teams that will need to expand to deliver on these objectives.

The Government recognises the vital role hospices play in supporting people at the end of life and their families. The Government will provide support for departments and other public sector employers for additional employer National Insurance costs only. Private sector firms or charities including hospices or social care providers that are contracted by central or local Government will not be exempt from these changes. This is the usual approach the Government takes to supporting the public sector with additional employer National Insurance contributions as was the case with the previous Government’s Health and Social Care Levy.

The Government is determined to shift more healthcare into the community and ensure patients and their families receive high-quality, personalised care in the most appropriate setting, and hospices will have a big role to play in that shift.

Integrated Care Boards are responsible for the commissioning of palliative and end of life care services to meet the needs of their local populations; where ICBs provide funding, they will work with hospices to agree funding arrangements through the normal contracting process.

The Government has recently announced that we are supporting the hospice sector with a £100 million boost for adult and children’s hospices to ensure they have the best physical environment for care, and £26 million revenue to support children and young people’s hospices. We will set out the details of the funding allocation in due course.

The National Wealth Fund (NWF) is at the forefront of investing public money and will work in close partnership with other public financial institutions, including the British Business Bank.

The UK’s public financial institutions each target specific market failures and finance gaps to drive growth. The Government is strengthening strategic coordination across these institutions, including by creating the Strategic Public Investment Forum.

This CEO-level forum will consider how to leverage the institutions’ different expertise to best support investment and collectively identifying opportunities for greater effectiveness and coherence in the landscape.

The National Wealth Fund has made financing available for new investment projects in Grangemouth, subject to viable proposals coming forward. This financing will help unlock Grangemouth’s full potential and secure our clean energy future. Any investment made into Grangemouth by the National Wealth Fund would be subject to the investment satisfying the National Wealth Fund’s normal requirements for investable proposals.

The National Wealth Fund considers business cases for investments on a case-by-case basis, supporting proposals that fall within the scope of its mandate and investment principles. An investment made by National Wealth Fund would need to have satisfied its investment principles and internal approval processes.

The National Wealth Fund has delegated authority to make investment decisions, subject to those investments meeting certain conditions agreed with HM Treasury.

The National Wealth Fund is operationally independent and has delegated authority to make investment decisions, subject to those investments meeting certain conditions agreed with HM Treasury. An investment made by the National Wealth Fund would need to have satisfied its investment principles and internal approval processes.

HM Revenue & Customs (HMRC) publish tax receipts and National Insurance contributions for the UK each month. This information is publicly available and currently presenting outturn up to January 2025.

The OBR publish forecasts for receipts and public spending in their Economic and Fiscal Outlook. The OBR are due to publish their latest outlook for the economy and public finances on 26 March 2025.

A full list of the tax measures announced at Autumn Budget 2024, including when the measures take effect, can be found in the Overview Of Tax Legislation And Rates on the gov.uk website.

The National Wealth Fund (NWF) and formerly the UK Infrastructure Bank, actively engages with various stakeholders to enhance the effectiveness and impact of its deals and local authority advisory services. By collaborating with a variety of stakeholders, the NWF ensures that its initiatives are well-informed and supported. This engagement is done through a variety of methods, including bilateral meetings, publications, consultations, and external events (including those hosted by the NWF). The mission of the NWF requires it to support rather than compete with the market and as such, they seek to engage openly with stakeholders.

More information about the engagement NWF undertakes with its stakeholders is set out on pages 73 to 75 of the Annual Report and Accounts National Wealth Fund Limited Annual report and accounts 2023-2024

The National Wealth Fund (NWF) and formerly the UK Infrastructure Bank, actively engages with various stakeholders to enhance the effectiveness and impact of its deals and local authority advisory services. By collaborating with a variety of stakeholders, the NWF ensures that its initiatives are well-informed and supported. This engagement is done through a variety of methods, including bilateral meetings, publications, consultations, and external events (including those hosted by the NWF). The mission of the NWF requires it to support rather than compete with the market and as such, they seek to engage openly with stakeholders.

More information about the engagement NWF undertakes with its stakeholders is set out on pages 73 to 75 of the Annual Report and Accounts National Wealth Fund Limited Annual report and accounts 2023-2024

The most important constraint on the National Wealth Fund’s risk appetite is its economic capital risk budget, which limits the total risk exposure it can hold. The UK Infrastructure Bank had £22 billion of notional financial capacity and an economic risk capital budget of £4.5 billion. This was set by HM Treasury when UKIB was established. As part of UKIB's transformation into the National Wealth Fund, HM Treasury will agree a larger amount of economic risk capital, the details of which will be published in due course.