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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.


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.


Written Question
Sovereign Wealth Funds: St Kitts and Nevis
Tuesday 25th April 2023

Asked by: Daniel Kawczynski (Conservative - Shrewsbury and Atcham)

Question to the HM Treasury:

To ask the Chancellor of the Exchequer, whether his Department is providing support for the development of a sovereign wealth fund by St Kitts and Nevis.

Answered by Andrew Griffith - Minister of State (Department for Science, Innovation and Technology)

HM Treasury is not providing any support for the development of a sovereign wealth fund by St Kitts and Nevis.
Written Question
Sovereign Wealth Funds: Taxation
Tuesday 19th July 2022

Asked by: Rachel Reeves (Labour - Leeds West)

Question to the HM Treasury:

To ask the Chancellor of the Exchequer, how many responses his Department has received to its consultation on the proposed reform of the UK’s sovereign immunity from direct tax policy.

Answered by Lucy Frazer - Secretary of State for Culture, Media and Sport

The sovereign immunity consultation was launched on 4 July and will close on 12 September. As of 15 July, the Government has not received any consultation responses.


Written Question
Foreign Investment in UK: Northern Ireland
Monday 18th July 2022

Asked by: Lord Hay of Ballyore (Democratic Unionist Party - Life peer)

Question to the Northern Ireland Office:

To ask Her Majesty's Government what steps they have taken to date to attract inward investment into Northern Ireland in 2022.

Answered by Lord Caine - Lord in Waiting (HM Household) (Whip)

The Government is committed to promoting investment into Northern Ireland.

Northern Ireland Office Minister of State, Conor Burns attended Northern Ireland Day at the Dubai Expo earlier this year where he promoted Northern Ireland businesses already exporting globally, including White’s Oats, Kiverco and Greenfields, as well as meeting Sovereign Wealth Funds to promote the fantastic investment opportunities in Northern Ireland. Representatives of these Funds have been invited to visit and explore investment opportunities in areas of mutual interest.

Northern Ireland Office Ministers and the Special Envoy to the United States on Northern Ireland also undertake frequent visits to the United States to promote the benefits of business in Northern Ireland and attract investment. Northern Ireland is already the number one international investment location for US Cyber Security firms, and the UK Government aims to build on this great potential.

Also, through the New Deal for Northern Ireland we have invested £8 million into expanding Invest NI’s presence overseas, with posts in Tokyo, Singapore and Guangzhou already underway, enhancing Northern Ireland’s investment opportunities. In addition, the Department for International Trade has opened a Northern Ireland hub in Belfast, offering bespoke support for Northern Ireland businesses, including looking to attract investment.


Written Question
Sovereign Wealth Funds
Monday 25th January 2021

Asked by: Mark Pritchard (Conservative - The Wrekin)

Question to the HM Treasury:

To ask the Chancellor of the Exchequer, what plans he has to establish a Sovereign Wealth Fund.

Answered by John Glen - Paymaster General and Minister for the Cabinet Office

The immediate focus for the UK Government’s economic and fiscal strategy is on ensuring that it continues to support workers and businesses as the UK recovers from the COVID-19 pandemic. Although both borrowing and debt will rise this year, the costs of servicing this debt are affordable and sustainable. The Government will set out further details on its plans for a sustainable and balanced fiscal policy as the economic and fiscal outlook becomes clearer.

In relation to establishing a sovereign wealth fund, the Government remains open to the introduction of new financing instruments but would need to be satisfied that they would meet value-for-money criteria and would be consistent with wider fiscal objectives. The Government continues to monitor the case for new financing instruments and will keep this under review.


Written Question
Sovereign Wealth Funds
Monday 11th January 2021

Asked by: Chi Onwurah (Labour - Newcastle upon Tyne Central)

Question to the Department for Digital, Culture, Media & Sport:

To ask the Secretary of State for Digital, Culture, Media and Sport, pursuant to his oral contribution of 22 April 2020 to the Digital, Culture, Media and Sport Committee, Q65, what the evidential basis was for his assessment that it is a company backed by the sovereign wealth fund, so it is not him personally buying it.

Answered by Nigel Huddleston - Financial Secretary (HM Treasury)

As the Secretary of State said during his evidence at the select committee, it is for the Premier League alone to make assessments of potential acquisitions of football clubs under its Owners’ and Directors’ Test.


Written Question
Sovereign Wealth Funds
Tuesday 12th September 2017

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 - Secretary of State for Environment, Food and Rural Affairs

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.


Written Question
Sovereign Wealth Funds
Wednesday 26th April 2017

Asked by: Stephen Gethins (Scottish National Party - North East Fife)

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.


Written Question
Sovereign Wealth Funds
Wednesday 26th April 2017

Asked by: Stephen Gethins (Scottish National Party - North East Fife)

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.