Question to the HM Treasury:

To ask the Chancellor of the Exchequer, with reference to the UK’s Modern Industrial Strategy, CP 1337, published on 23 June 2025, what progress she has made on expanding the mandate of the National Wealth Fund to support growth.

On 19 March the Chancellor published a Statement of Strategic Priorities, directing the National Wealth Fund to support growth and the delivery of the wider Industrial Strategy, including in defense, life sciences, and creative industries. This includes prioritising specific growth-driving sectors, investing in city regions and high potential clusters, and crowding-in private capital for vital projects that would otherwise not have taken place.

The National Wealth Fund has made significant progress towards achieving its mandate to support growth. Since July 2024, the National Wealth Fund has invested approximately £3.77bn, which has unlocked £5.4bn in private investment and created 12,000 jobs across the UK.

To enable the National Wealth Fund to deliver on its growth objective, the National Wealth Fund has deepened engagement with Mayoral Strategic Authorities and City Region Joint Committees, including establishing Strategic Partnerships with West Midlands, West Yorkshire, Greater Manchester, and Glasgow City Region.