Question to the HM Treasury:

To ask the Chancellor of the Exchequer, what steps her Department plans to take to determine how the National Wealth Fund will be spent; and whether she plans to hold discussions with the devolved Administrations on such decisions.

The National Wealth Fund will improve our ability to mobilise private capital in the UK’s most important sectors and assets, supporting thousands of jobs across the country, and playing a central role in our industrial strategy. And it will generate a return for the taxpayer.

The National Wealth Fund will deliver for the entire United Kingdom. We have formally engaged devolved Governments for input on National Wealth Fund policy design.

To ensure investments can start immediately, the National Wealth Fund will deploy an additional £7.3bn of funding through the UK Infrastructure Bank (UKIB), to invest in the priority sectors set out in the Manifesto, such as automotive, steel, carbon capture and green hydrogen.

The UK Infrastructure Bank already has an active presence in Scotland and works with Scottish Government, local authorities, industry bodies and a wide range of project sponsors, investors and lenders.

Further detail will be set out ahead of the government’s International Investment Summit in October.