Asked by: Gareth Davies (Conservative - Grantham and Bourne)
Question to the HM Treasury:
To ask the Chancellor of the Exchequer, whether her Department has plans to align the British Business Bank under the National Wealth Fund.
Answered by Emma Reynolds - Economic Secretary (HM Treasury)
The National Wealth Fund (NWF) is the UK’s impact investor, mobilising billions of pounds of investment in the UK’s world-leading clean energy and growth industries. The British Business Bank (BBB) continues to be responsible for improving access to finance for SMEs, including new programmes to channel venture investment into the UK’s fastest growing, most innovative companies and closing the scaleup capital gap.
The NWF and the BBB work in close partnership to deliver the government’s industrial strategy in line with their respective mandates, maintaining a coordinated and complementary approach to tackling finance gaps and boosting economic growth. The government will continue to review how these institutions operate and interact with the market, government departments and each other to ensure that they are as effective as possible in mobilising private investment and delivering economic growth.
Asked by: Gareth Davies (Conservative - Grantham and Bourne)
Question to the Department for Energy Security & Net Zero:
To ask the Secretary of State for Energy Security and Net Zero, whether (a) Ministers and (b) officials in his Department have had discussions with (i) Dale Vince and (ii) representatives of Ecotricity since 5 July 2024.
Answered by Michael Shanks - Parliamentary Under Secretary of State (Department for Energy Security and Net Zero)
Details of Ministers’ and Permanent Secretaries' meetings with external individuals and organisations are published quarterly in arrears on GOV.UK.
Published declarations include the purpose of the meeting and the names of any additional external organisations or individuals in attendance.
Asked by: Gareth Davies (Conservative - Grantham and Bourne)
Question to the Department for Energy Security & Net Zero:
To ask the Secretary of State for Energy Security and Net Zero, what assessment he has made of the potential impact of Heckington Fen Solar Park on future trends in the level of energy bills for (a) domestic and (b) commercial consumers in Lincolnshire.
Answered by Michael Shanks - Parliamentary Under Secretary of State (Department for Energy Security and Net Zero)
Decarbonising the power system by building more solar will increase energy security by reducing the UK’s dependence on imported oil and gas, which will in turn reduce the exposure of consumer bills to volatile international prices. Currently the cost of electricity tracks the cost of gas because gas generation sets the marginal wholesale price. Decarbonising the power system would break this link and in turn the exposure of UK electricity prices to global gas prices.
Through the Clean Power Action Plan, the Government has made clear that where communities host clean energy infrastructure, it will ensure they benefit from it.
Asked by: Gareth Davies (Conservative - Grantham and Bourne)
Question to the HM Treasury:
To ask the Chancellor of the Exchequer, if she will make an estimate of the number of staff within the National Wealth Fund that did not previously work for the UK Infrastructure Bank.
Answered by Darren Jones - Chief Secretary to the Treasury
The Chancellor announced at the International Investment Summit on 14th October 2024 that the UK Infrastructure Bank would be transformed into the National Wealth Fund (NWF), This change took effect on that day. All UKIB staff were retained as part of the NWF.
To realise its ambition to catalyse more private investment and accelerate investable projects coming to market across the UK, the NWF will be expanding its team based at its headquarters in Leeds.
The number of roles at the NWF will be published in the “Staff Report” within the NWF’s Annual Report of Accounts, published following the end of this financial year.
Asked by: Gareth Davies (Conservative - Grantham and Bourne)
Question to the HM Treasury:
To ask the Chancellor of the Exchequer, if she will make an estimate of the number of people employed by the National Wealth Fund that previously worked for the UK Infrastructure Bank.
Answered by Darren Jones - Chief Secretary to the Treasury
The Chancellor announced at the International Investment Summit on 14th October 2024 that the UK Infrastructure Bank would be transformed into the National Wealth Fund (NWF), This change took effect on that day. All UKIB staff were retained as part of the NWF.
To realise its ambition to catalyse more private investment and accelerate investable projects coming to market across the UK, the NWF will be expanding its team based at its headquarters in Leeds.
The number of roles at the NWF will be published in the “Staff Report” within the NWF’s Annual Report of Accounts, published following the end of this financial year.
Asked by: Gareth Davies (Conservative - Grantham and Bourne)
Question to the HM Treasury:
To ask the Chancellor of the Exchequer, what information her Department holds on the total cost of the rebranding of the National Wealth Fund.
Answered by Darren Jones - Chief Secretary to the 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 go further to catalyse more private investment.
Processes relating to the rebranding to the NWF were managed and carried out by the NWF and were conducted within the NWF’s existing departmental budgets.
Asked by: Gareth Davies (Conservative - Grantham and Bourne)
Question to the HM Treasury:
To ask the Chancellor of the Exchequer, which news services her Department holds subscriptions to.
Answered by James Murray - Exchequer Secretary (HM Treasury)
The Department holds subscriptions to the following news services:
Asked by: Gareth Davies (Conservative - Grantham and Bourne)
Question to the Ministry of Housing, Communities and Local Government:
To ask the Secretary of State for Housing, Communities and Local Government, whether she plans to activate the Flood Recovery Framework in response to flooding (a) in Lincolnshire and (b) elsewhere in January 2025.
Answered by Alex Norris - Parliamentary Under-Secretary (Housing, Communities and Local Government)
My thoughts remain with householders and business owners impacted by flooding after the recent heavy rainfall, flooding is a devastating experience for all those affected.
Government support in the aftermath of flooding is only provided in exceptional circumstances and at present, overall, the scale of impacts is not sufficiently significant for the Flood Recovery Framework to be activated in any area. However, my officials continue to review impacts data and stand ready to support as appropriate.
Asked by: Gareth Davies (Conservative - Grantham and Bourne)
Question to the HM Treasury:
To ask the Chancellor of the Exchequer, with reference to paragraph 5.76 of the Autumn Budget 2024, HC 295, published on 30 October 2024, when the next bi-annual fiscal forum with the Oil and Gas sector will take place; where that forum will take place; and who will attend on behalf of the Government.
Answered by James Murray - Exchequer Secretary (HM Treasury)
The government is committed to maintaining an open and constructive dialogue with the oil and gas sector to support our energy security and ensure the sector plays its role in our clean energy ambitions.
In line with this I will chair the next Oil and Gas Fiscal Forum in the first quarter of next year. The date and location of the forum has not yet been confirmed.
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 Capital Gains Tax: Rates of tax — carried interest, published on 30 October 2024, what the evidential basis is for the cost of implementing a one year increase to Capital Gains Tax.
Answered by James Murray - Exchequer Secretary (HM Treasury)
The published operational costs represent a high-level cost estimate for the changes required to HMRC IT systems to deliver this policy change which follow a recognised standard methodology. HMRC do not provide detailed costs related to policy changes.
Separately, the revenue impacts of the changes to the rates of Capital Gains Tax (CGT) on carried interest from 6 April 2025 are included in the costings published in the main Autumn Budget 2024 document.
The CGT changes are the first step of a reform package that will put the tax treatment of carried interest on a fairer and sustainable footing, while preserving the competitiveness of the UK as a fund management fund. From 6 April 2026, the carried interest tax regime will move fully across to the Income Tax framework; this will be legislated in a future Finance Bill, which the House will have the opportunity to consider.