Question to the HM Treasury:

To ask the Chancellor of the Exchequer, whether organisations in receipt of funding via the National Wealth Fund will be required to (a) have a UK headquarters and (b) be UK taxpayers.

The National Wealth Fund (NWF) will mobilise billions of pounds of investment in the UK's world leading clean energy and growth industries. In order to be eligible for consideration for NWF finance, the project must meet the NWF’s investment principles, with proceeds going to UK-based projects. These are:

1. The investment helps to support the objectives to drive regional and local economic growth or tackle climate change;
2. The investment is in infrastructure assets or networks, or in new infrastructure technology;
3. The investment is intended to deliver a positive financial return; and
4. The investment is expected to crowd in significant private capital over time.

Individual investments will be considered on a case-by-case basis in line with the NWF’s mandate and strategic priorities, which can be found on www.uknwf.org.uk.