Question to the HM Treasury:

To ask the Chancellor of the Exchequer, what plans he has to establish a Sovereign Wealth Fund.

The immediate focus for the UK Government’s economic and fiscal strategy is on ensuring that it continues to support workers and businesses as the UK recovers from the COVID-19 pandemic. Although both borrowing and debt will rise this year, the costs of servicing this debt are affordable and sustainable. The Government will set out further details on its plans for a sustainable and balanced fiscal policy as the economic and fiscal outlook becomes clearer.

In relation to establishing a sovereign wealth fund, the Government remains open to the introduction of new financing instruments but would need to be satisfied that they would meet value-for-money criteria and would be consistent with wider fiscal objectives. The Government continues to monitor the case for new financing instruments and will keep this under review.