Asked by: Gareth Davies (Conservative - Grantham and Bourne)
Question to the HM Treasury:
To ask the Chancellor of the Exchequer, with reference to the Chief Secretary to the Treasury's oral contribution of 4 March 2025, Official Report, what is the process for approval by the National Wealth Fund of a proposed business case for investment; and who makes the final decision.
Answered by Darren Jones - Chief Secretary to the Treasury
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.
Asked by: Gareth Davies (Conservative - Grantham and Bourne)
Question to the HM Treasury:
To ask the Chancellor of the Exchequer, with reference to the Chief Secretary to the Treasury's oral contribution of 4 March 2025, Official Report, what her policy is on the operational independence of the National Wealth Fund.
Answered by Darren Jones - Chief Secretary to the 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.
Asked by: Gareth Davies (Conservative - Grantham and Bourne)
Question to the HM Treasury:
To ask the Chancellor of the Exchequer, with reference to the Chief Secretary to the Treasury's oral contribution of 4 March 2025, Official Report, if she will publish the National Wealth Fund's business case to fund the £200 million investment in Grangemouth.
Answered by Darren Jones - Chief Secretary to the Treasury
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.
Asked by: Gareth Davies (Conservative - Grantham and Bourne)
Question to the HM Treasury:
To ask the Chancellor of the Exchequer, what estimate her Department has made of the revenues to the Exchequer (a) in total and (b) from each form of tax in (i) 2024-25 and (ii) 2025-26.
Answered by James Murray - Exchequer Secretary (HM Treasury)
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.
Asked by: Gareth Davies (Conservative - Grantham and Bourne)
Question to the HM Treasury:
To ask the Chancellor of the Exchequer, with reference to the Autumn Budget 2024, HC 295, if she will list the tax changes that will come into effect on 6 April 2025.
Answered by James Murray - Exchequer Secretary (HM Treasury)
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.
Asked by: Gareth Davies (Conservative - Grantham and Bourne)
Question to the HM Treasury:
To ask the Chancellor of the Exchequer, with reference to Q110 of the oral evidence given by the Second Permanent Secretary to the Treasury Select Committee on 12 February 2025, how the risk framework of the National Wealth Fund differs from that of the UK Infrastructure Bank.
Answered by James Murray - Exchequer Secretary (HM Treasury)
The National Wealth Fund (NWF) are currently revising their risk management framework to reflect changes made from the UK Infrastructure Bank’s strategic objectives, economic capital and risk appetite. A revised version will be published on the NWF website in due course.
Asked by: Gareth Davies (Conservative - Grantham and Bourne)
Question to the HM Treasury:
To ask the Chancellor of the Exchequer, with reference to her Department's policy paper entitled National Wealth Fund: Mobilising Private Investment, published on 14 October 2024, what outreach work the National Wealth Fund has undertaken including but not limited to in-person and virtual meetings since 4 July 2024.
Answered by James Murray - Exchequer Secretary (HM Treasury)
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
Asked by: Gareth Davies (Conservative - Grantham and Bourne)
Question to the HM Treasury:
To ask the Chancellor of the Exchequer, what (a) in-person meeting, (b) virtual meeting and (c) other outreach work the UK Infrastructure Bank undertook between 17 June 2021 and 4 July 2024.
Answered by James Murray - Exchequer Secretary (HM Treasury)
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
Asked by: Gareth Davies (Conservative - Grantham and Bourne)
Question to the HM Treasury:
To ask the Chancellor of the Exchequer, with reference to her Department's policy paper entitled National Wealth Fund: Mobilising Private Investment, published on 14 October 2024, what were the previous constraints in relation to the amount of economic risk capital of the UK Infrastructure Bank.
Answered by Emma Reynolds - Economic Secretary (HM Treasury)
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.
Asked by: Gareth Davies (Conservative - Grantham and Bourne)
Question to the HM Treasury:
To ask the Chancellor of the Exchequer, with reference to Q110 of the oral evidence given by the Second Permanent Secretary to the Treasury Select Committee on 12 February 2025, which financial instruments will be available to the National Wealth Fund which were not already available to the UK Infrastructure Bank.
Answered by Emma Reynolds - Economic Secretary (HM Treasury)
The Chancellor announced at the International Investment Summit on 14th October 2024 that the UK Infrastructure Bank (UKIB) would be transformed into the National Wealth Fund (NWF), building on UKIB’s expertise and leadership. To empower the NWF to maximise mobilisation of private investment, the Chancellor committed to expanding the suite of financial instruments available to the NWF over time. Legislation enabling the NWF to issue the first of these new instruments, performance guarantees, will be laid for consideration by Parliament in this Financial Year.
The NWF is also collaborating with Government departments on new blended finance solutions which take on additional risk, crowd in private capital and support the most effective and catalytic use of public funds.