Question to the HM Treasury:

To ask the Chancellor of the Exchequer, if she will make an assessment of the potential merits of establishing a (a) public banking ecosystem and (b) regional development bank in Northern Ireland.

There are no current plans for a regional development bank in Northern Ireland, however we look forward to working closely with the Northern Ireland Executive on our mission to deliver growth across the United Kingdom.

The Chancellor last week announced new plans to align key institutions under the National Wealth Fund that will boost growth and unlock investment. The National Wealth Fund will operate across the United Kingdom and Northern Ireland, and create a step change in 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 the government’s industrial strategy.

To ensure investments can start immediately, the National Wealth Fund will deploy funding through the UK Infrastructure Bank and draw on the capability of the British Business Bank, expanding its remit and providing an additional £7.3 billion to catalyse private investment at an even greater scale. Since inception, UKIB has successfully delivered many projects, for example, providing investment to support thousands of rural homes to access ultrafast broadband. The National Wealth Fund will continue to build on this excellent work.