Question to the HM Treasury:

To ask His Majesty's Government, further to the Written Answer by Lord Livermore on 25 March (HL5735), in what way they plan to broaden the National Wealth Fund's legislative remit beyond infrastructure.

The Government will introduce legislation when Parliamentary time allows to broaden the National Wealth Fund’s (NWF) legislative mandate beyond infrastructure to enable it to better support the Government’s growth and clean energy missions.

At that point, and subject to Parliamentary consent, the NWF will focus on enabling investment in capital intensive projects, businesses, or assets. For example, the NWF will have the scope to invest in a broader range of supply chains and critical sectors, such as Artificial Intelligence and quantum, where access to finance gaps exist.