Question to the HM Treasury:

To ask the Chancellor of the Exchequer, with reference to page 42 of the National Security Strategy 2025, published in June 2025, CP 1338, what progress she has made on supporting priority sectors through a new National Wealth Fund investment for defence companies.

The National Wealth Fund was directed in its Statement of Strategic Priorities to consider the role it can play in supporting the delivery of the wider Industrial Strategy, including in the defence sector. It was also directed to consider investments in dual-use technologies across its priority sectors, to better support the UK’s defence and security.

The National Wealth Fund is just one of many levers to support the defence sector. The National Security Strategy 2025 included a historic commitment to spend 5% of GDP on national security by 2035.