Question to the HM Treasury:

To ask the Chancellor of the Exchequer, with reference to page 42 of the Defence Industrial Strategy: Making Defence an Engine for Growth, published on 8 September 2025, CP 1388, if she will make an assessment of the potential merits of using the National Wealth Fund to provide funding for dual-use graphene technology created by Paragraf in Huntingdon constituency.

The National Wealth Fund invests in capital intensive projects, businesses, and assets by offering financing in the form of debt, equity and guarantees.

The Government published the National Wealth Fund’s Statement of Strategic Priorities on 19 March which directed the National Wealth Fund to consider investments in dual-use technologies across its priority sectors of clean energy, digital and technologies, advanced manufacturing, and transport to better support the UK’s defence and security.

The National Wealth Fund is operationally independent and has delegated authority to make investment decisions, subject to those investments meeting certain conditions agreed with HM Treasury. An investment made by the National Wealth Fund would need to have satisfied its investment principles and internal approval processes.