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, what legislative proposals she plans to bring forward to enable the expansion of the National Wealth Fund’s investment scope to (a) capital-intensive projects, (b) businesses and (c) assets.

The government will bring forward primary legislation, when parliamentary time allows, to expand the NWF’s mandate beyond infrastructure, enabling it to invest into a wider range of capital-intensive projects, businesses and assets that support growth.

Until then, the National Wealth Fund will continue to invest to support the delivery of the wider Industrial Strategy, including in defense. Its priority sectors, such as advanced manufacturing or digital and technology, have significant synergies with the defense sector.