Asked by: Lord Field of Birkenhead (Crossbench - Life peer)
Question to the HM Treasury:
To ask Mr Chancellor of the Exchequer, what steps his Department has taken to establish a national sovereign wealth fund.
Answered by Steve Barclay
The government is committed to supporting investment in the UK.
For example, in July the government launched the £400m Digital Infrastructure Investment Fund for investment in full fibre broadband across the country.
The government is also consulting on whether to introduce a national investment fund to channel investment into fast growing firms and support economic growth.
In addition, the National Productivity Investment Fund announced by the Chancellor last year is providing an additional £23bn of investment in areas like housing, transport and digital infrastructure.
Asked by: Stephen Gethins (Scottish National Party - Arbroath and Broughty Ferry)
Question to the HM Treasury:
To ask Mr Chancellor of the Exchequer, what additional financial and legal protections are in place for UK firms and agencies which (a) collaborate with and (b) take investment from sovereign wealth funds.
Answered by Simon Kirby
The UK is open to investment from all sources. There are well-developed markets for professional and financial advice that support this. There are no specific protections relating to sovereign wealth funds.
Asked by: Stephen Gethins (Scottish National Party - Arbroath and Broughty Ferry)
Question to the HM Treasury:
To ask Mr Chancellor of the Exchequer, how he plans to maximise the effect of investment of sovereign wealth funds in the UK in each of the next five years.
Answered by Simon Kirby
The government welcomes investment from investors all over the world, including Sovereign Wealth Funds.
Asked by: Stephen Gethins (Scottish National Party - Arbroath and Broughty Ferry)
Question to the HM Treasury:
To ask Mr Chancellor of the Exchequer, how he plans to maximise investment in the UK by sovereign wealth funds in each of the next five years.
Answered by Simon Kirby
The government welcomes investment from investors all over the world, including Sovereign Wealth Funds.
Asked by: Stephen Gethins (Scottish National Party - Arbroath and Broughty Ferry)
Question to the HM Treasury:
To ask Mr Chancellor of the Exchequer, whether the Government has a strategy for (a) current and (b) future collaboration with sovereign wealth funds; and if he will publish that strategy.
Answered by Simon Kirby
The National Infrastructure Delivery Plan set out the government’s plan for attracting inward investment through infrastructure development.
Asked by: Lord Myners (Crossbench - Life peer)
Question to the Home Office:
To ask Her Majesty’s Government whether they are investigating matters relating to Malaysia’s state investment fund, 1MDB, and the role played by Goldman Sachs International Limited and its officers past and present.
Answered by Baroness Williams of Trafford - Shadow Chief Whip (Lords)
Money laundering investigations are conducted by law enforcement agencies with access to the powers in the Proceeds of Crime Act, such as the National Crime Agency, the Serious Fraud Office, and the police. All of these law enforcement agencies are operationally independent of the Government.
Asked by: Gregory Campbell (Democratic Unionist Party - East Londonderry)
Question to the HM Treasury:
To ask Mr Chancellor of the Exchequer, if he will respond to the recommendations made in the Social Market Foundation's report on the potential benefits of creating a Sovereign Wealth Fund, published on 7 November 2016.
Answered by Simon Kirby
The recommendations made in the Social Market Foundation’s report published on 7 November 2016 were addressed during a Westminster Hall debate on Sovereign Wealth Funds in the House of Commons on 14 December 2016.
The government’s priority is to reduce the deficit and reduce the UK’s debt as a share of national income. Therefore, the government does not currently intend to give detailed consideration to a Sovereign Wealth Fund.
Asked by: Lord Hylton (Crossbench - Excepted Hereditary)
Question to the Foreign, Commonwealth & Development Office:
To ask Her Majesty’s Government what discussions they are having with the directors of overseas sovereign wealth funds about increasing investment and employment across the Middle East and North Africa, both north and south of the Sahara.
Answered by Baroness Anelay of St Johns
We are in regular contact with sovereign wealth funds in the Gulf in support of our mutual interests in economic development.
Asked by: Ian Murray (Labour - Edinburgh South)
Question to the HM Treasury:
To ask Mr Chancellor of the Exchequer, what discussions have taken place between the Government and managers of global sovereign wealth funds since the vote for the UK to leave the EU; and if he will make available the agendas of those meetings.
Answered by Simon Kirby
Treasury Ministers and officials have meetings with a wide variety of organisations in the public and private sectors to discuss a broad range of topics in the process of policy development and delivery.
Details of ministerial meetings with external organisations on departmental business are published on a quarterly basis and are available at:
https://www.gov.uk/government/collections/hmt-ministers-meetings-hospitality-gifts-and-overseas-travel
Asked by: Bob Stewart (Conservative - Beckenham)
Question to the HM Treasury:
To ask Mr Chancellor of the Exchequer, if he will make it his policy to introduce a sovereign wealth fund.
Answered by Simon Kirby
The government’s current priority is to reduce the deficit and start paying down national debt.