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Written Question
Business: Sovereign Wealth Funds
Wednesday 21st February 2024

Asked by: Geraint Davies (Independent - Swansea West)

Question to the Department for Business and Trade:

To ask the Secretary of State for Business and Trade, if she will make it her policy to monitor firms with financial ties to sovereign wealth funds originating from countries that do not have transparent and democratic systems to ensure the (a) effective allocation, (b) efficient implementation and (c) transparent reporting of committed funds.

Answered by Kevin Hollinrake - Minister of State (Department for Business and Trade)

The UK is an open economy and we welcome global investment. UK firms that have financial ties to Sovereign Wealth Funds already have to abide by the UK's regulatory regimes for corporate practice, including the Companies Act, 2006.

General Committees
Draft Economic Growth (Regulatory Functions) (Amendment) Order 2024 Draft Growth Duty: Statutory Guidance Refresh - Tue 23 Apr 2024
Department for Business and Trade

Mentions:
1: Peter Grant (SNP - Glenrothes) Why do all those other countries have sovereign wealth funds that are able to buy up our water and energy - Speech Link
2: Kevin Hollinrake (Con - Thirsk and Malton) He asks about a sovereign wealth fund, which is one of the Government’s plans—we have already announced - Speech Link

Written Question
Freezing of Assets: Russia
Monday 23rd October 2023

Asked by: Luke Pollard (Labour (Co-op) - Plymouth, Sutton and Devonport)

Question to the HM Treasury:

To ask the Chancellor of the Exchequer, what is the total value of Russian state sovereign wealth that has been frozen as a result of the UK's sanctions.

Answered by Gareth Davies - Exchequer Secretary (HM Treasury)

As stated in OFSI’s most recent Annual Review published in November 2022, between February and October 2022, £18.39 billion in frozen funds were reported to the Office of Financial Sanctions Implementation (OFSI), part of HM Treasury, in relation to persons designated under the Russia sanctions regime. This figure is provided in aggregate so as not to disclose the value of any funds held by particular individuals. HM Treasury does not break down reported assets in the manner requested.

An updated value of frozen assets reported to OFSI will be published later this year, in OFSI’s 2022-2023 Annual Review.

Scottish Parliament Debate - Main Chamber
Portfolio Question Time - Wed 27 Mar 2024

Mentions:
1: Robison, Shona (SNP - Dundee City East) Sadly, the devolution settlement constrains our option to establish a sovereign wealth fund as such. - Speech Link
2: Rennie, Willie (LD - North East Fife) As we heard, for decades nationalists berated Margaret Thatcher for failing to create a sovereign wealth - Speech Link

Select Committee
AERALIS Ltd
 FAVC0021 - Future Aviation Capabilities

Written Evidence Feb. 20 2024

Inquiry: Future Aviation Capabilities
Inquiry Status: Closed
Committee: Defence Committee (Department: Ministry of Defence)

Found: is mature, being developed in partnership with UK best of breed partners Maturity Value to UKSovereign

Lords Chamber
Digital Markets, Competition and Consumers Bill
3rd reading - Tue 26 Mar 2024
Department for Business and Trade

Mentions:
1: Lord Parkinson of Whitley Bay (Con - Life peer) This would apply to passive investments by established and pre-existing sovereign wealth funds, pension - Speech Link
2: Baroness Stowell of Beeston (Con - Life peer) wealth funds or state pension funds that are not directly government controlled. - Speech Link
3: Lord Faulks (Non-affiliated - Life peer) Sovereign wealth funds have already been mentioned, and the noble Lord has given assurances in this area - Speech Link
4: Lord Bassam of Brighton (Lab - Life peer) Secondly, does it fully cover sovereign wealth funds and pension funds held by them, and what is their - Speech Link

Lords Chamber
Life Sciences Businesses - Mon 26 Feb 2024
Department for Business and Trade

Mentions:
1: Lord Johnson of Lainston (Con - Life peer) One of our missions is to get more life sciences funds established in the UK, so that we can, I hope, - Speech Link
2: Lord Johnson of Lainston (Con - Life peer) the smallest opportunities at universities, where we can put more money into life science spin-out funds - Speech Link
3: Lord Johnson of Lainston (Con - Life peer) We then have to locate funds in the UK, and, at the highest level, we need more liquidity in our stock - Speech Link

Westminster Hall
Debt in Africa - Tue 21 Nov 2023
Foreign, Commonwealth & Development Office

Mentions:
1: Tanmanjeet Singh Dhesi (Lab - Slough) The richest 0.05% in the region, with wealth above $5 million, saw their wealth surge by 75% from $1.6 - Speech Link
2: Lyn Brown (Lab - West Ham) I gently say that if we did more to unblock the common framework process, that would free up funds for - Speech Link
3: Anne-Marie Trevelyan (Con - Berwick-upon-Tweed) We will continue to champion their voice in fora such as the global sovereign debt roundtable and we - Speech Link

Departmental Publication (Policy paper)
HM Treasury

Nov. 22 2023

Source Page: The Harrington Review of Foreign Direct Investment
Document: The Harrington Review of Foreign Direct Investment (webpage)

Found: The Review engaged with over 200 companies, financial institutions, and sovereign wealth funds to identify

Parliamentary Research
Finances of the Monarchy - CBP-9807
Nov. 27 2023

Found: The King’s personal income 60 7.1 Balmoral and Sandringham 61 7.2 Speculation regarding private wealth