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.

The Chancellor announced at the International Investment Summit on 14^th 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.