Question to the HM Treasury:

To ask the Chancellor of the Exchequer, if she will make an assessment of the potential merits of introducing a system on universal basic capital based on the universal roll-out of sidecar accounts into which is paid a one off dividend from the National Wealth Fund.

The Government recognises the positive effect that saving can have on financial resilience and is committed to incentivising greater saving and investment. The Government supports people of all incomes and at all stages of life to save and offers a wide range of savings products, including the Individual Savings Accounts (ISAs), Junior ISA and Help to Save. We have also committed to consider what more can be done to support household savings as part of the Financial Inclusion Strategy which will be published later this year.

The purpose of the National Wealth Fund is to support the delivery of the Government’s industrial strategy, mobilise private capital and make an overall return for the taxpayer. This will support the Government’s clean energy and growth missions.