National Wealth Fund

Treasury Committee Closed Inquiry
Opened: 20 Mar 2025 Closed: 15 Jan 2026 Parliament page
In October 2024, the Treasury announced the creation of a new National Wealth Fund with the aim of mobilising investment and unlocking growth opportunities across the UK. On the 19 March, the Chancellor issued the Statement of Strategic Priorities to the National Wealth Fund, setting its strategic direction and priorities … Read more
4 Recommendations
6 Conclusions
1 Report
3 Oral sessions
4 Letters
3 Events
Activity timeline 12 events
15 Jan
2026
Report published
28 Oct
2025
Report published
2 Sep
2025
Correspondence
2 Sep
2025
Correspondence
1 Jul
2025
Oral evidence
1 Jul
2025
Correspondence
1 Jul
2025
Formal meeting (oral evidence session) · The Thatcher Room, Portcullis House
18 Jun
2025
Oral evidence
18 Jun
2025
Correspondence
18 Jun
2025
Formal meeting (oral evidence session) · The Grimond Room, Portcullis House
14 May
2025
Oral evidence
14 May
2025
Formal meeting (oral evidence session) · The Grimond Room, Portcullis House
Oral evidence sessions 3 sessions
1 Jul 2025
View on parliament.uk
John Flint · National Wealth Fund Neeraj Patel · HM Treasury The Lord Livermore · HM Treasury
18 Jun 2025
View on parliament.uk
Chaitanya Kumar · New Economics Foundation Darren Davidson · Siemens Energy UK&I and Siemens Gamesa UK Dr Martin Turner · UK BioIndustry Association James Earl · Future Energy Networks Mark Thomas · First Light Fusion Phil Chambers · Orbex Pranesh Narayanan · Institute for Public Policy Research Professor Neil Lee · London School of Economics Shaun Spiers · Green Alliance
14 May 2025
View on parliament.uk
Chris Cummings · The Investment Association Joe Dharampal-Hornby · Impact Investing Institute Richard Threlfall · Institution of Civil Engineers Signe Norberg · Aldersgate Group
Title HC No. Published Items Response
12th Report - National Wealth Fund HC 806 28 Oct 2025 10 Responded
Recommendations & Conclusions
10 results
1 Conclusion Accepted
12th Report - National Wealth Fund
NWF requires significant risk appetite to create new markets and boost economic growth.
The NWF making an overall positive rate of return is key to its success and sustainability. To achieve its objectives of boosting economic growth and clean energy, however, the NWF must have the risk appetite to invest in projects that … Read more
Government Response
The government agrees and will publish the NWF's new Strategic Plan in January 2026, which will detail its performance metrics, risk appetite, use of financial instruments, and evaluation processes as recommended.
HM Treasury
View details
2 Conclusion Accepted
12th Report - National Wealth Fund
Acknowledge expected investment failures as a sign of appropriate National Wealth Fund risk appetite.
It is important to understand that some companies that the NWF invests in will fail, and the NWF will lose the value of some of its investments. This, in itself, cannot be a cause of criticism of the NWF, because … Read more
Government Response
The government describes the NWF's mandate, substantial capitalisation, and statutory footing, which provides for an independent review and reporting on impact, aligning with the understanding that high-risk investments will sometimes fail.
HM Treasury
View details
3 Conclusion Deferred
12th Report - National Wealth Fund
Outline comprehensive performance metrics, risk appetite, evaluation methods, and taxpayer benefit in the new NWF Strategy.
The new NWF Strategy must outline: a. its performance metrics, including its risk appetite; b. how it will use equity and a range of financial instruments to ensure that the taxpayer shares in the upside of any risks it takes; … Read more
Government Response
The government's response focuses on coordination among public financial institutions and attracting investment to the UK generally, through mechanisms like the Public Investment Roundtable, rather than outlining how the NWF's new strategy will address specific metrics, risk appetite, financial instruments, evaluation, or crowding out concerns.
HM Treasury
View details
4 Conclusion Accepted
12th Report - National Wealth Fund
National Wealth Fund's name is misleading; its limited size may hinder strategic economic impact.
The NWF is not a conventional sovereign wealth fund that invests wealth generated from natural resources to benefit future generations. Therefore its name, the National Wealth Fund, could be misleading. The NWF is financed by the Government from taxation and … Read more
Government Response
The government explains how the NWF already aligns its investments with government strategies and focuses on priority sectors, aiming for a triple bottom line. It also notes the NWF's Strategic Plan will detail its focus and mentions initiatives to leverage pension capital and other investment.
HM Treasury
View details
5 Conclusion Deferred
12th Report - National Wealth Fund
Mitigate early privatisation risks of the National Wealth Fund by measuring its societal benefits.
The current Government should try and find ways to mitigate the risk of future governments privatising the NWF too early, by ensuring its societal benefits are measured and acknowledged. (Recommendation, Paragraph 32)
Government Response
The government strongly agrees the NWF must remain operationally independent and details its governance structure and relationship with HM Treasury, but does not commit to specific actions for measuring and acknowledging societal benefits to mitigate future privatisation risk.
HM Treasury
View details
6 Conclusion Deferred
12th Report - National Wealth Fund
Co-ordinate NWF liaison with British Business Bank and Innovate UK to support scaling businesses.
The NWF will need to liaise effectively with other public financial institutions to facilitate growth. In particular, it will have to co-ordinate with the British Business Bank and Innovate UK to support businesses that are scaling up. (Conclusion, Paragraph 41) Read more
Government Response
The government's response discusses the NWF's increased capitalisation and its current funding plans, including no immediate plans for direct private market borrowing, rather than addressing how it will liaise with other public financial institutions.
HM Treasury
View details
7 Recommendation Accepted in Part
12th Report - National Wealth Fund
Outline collaboration among public financial institutions and re-examine merging British Business Bank and NWF.
The new NWF strategy must explicitly state how those public financial institutions will work together to ensure that businesses that are scaling up can seamlessly obtain support without gaps or duplication. The Treasury should re-examine the potential merits of merging … Read more
Government Response
The government strongly agrees public financial institutions must collaborate, citing the Public Investment Roundtable and a 'no wrong door' approach; it also commits to raising the Office for Investment's profile through marketing campaigns, but does not address re-examining a merger of the British Business Bank and National Wealth Fund.
HM Treasury
View details
8 Recommendation Accepted
12th Report - National Wealth Fund
Invest National Wealth Fund strategically, aligning funding with key government strategies.
The NWF must invest strategically, deploying its funding to align with government strategies, such as the Industrial Strategy and the Pensions Investment Review. (Recommendation, Paragraph 43)
Government Response
The government agrees the NWF should align its investments with government strategies, confirming the NWF already delivers against a triple bottom line, and its forthcoming Strategic Plan will detail this focus on priority sectors.
HM Treasury
View details
9 Recommendation Accepted
12th Report - National Wealth Fund
Maintain approach preventing political interference in the National Wealth Fund's operations.
Political interference would create a climate of uncertainty for investors and ultimately reduce the NWF’s capacity to attract private capital and promote growth. We were therefore reassured to hear from the former NWF Chief Executive that the NWF has not … Read more
Government Response
The government strongly agrees the NWF must remain operationally independent to maintain market confidence and attract private capital, confirming this is ensured through its experienced fiduciary Board and a clear Framework Document.
HM Treasury
View details
10 Recommendation Rejected
12th Report - National Wealth Fund
Assess merits of National Wealth Fund borrowing directly from market to enhance independence.
The Treasury and NWF must assess the potential merits of allowing the NWF to borrow funds directly from the market to empower the NWF to enhance its independence from the Treasury when funding projects. (Recommendation, Paragraph 49) 21
Government Response
The government rejects the recommendation to assess allowing the NWF to borrow from private markets, stating the NWF has sufficient existing capital and no current plans to enable direct borrowing; future capitalisation will be assessed after existing funds are exhausted.
HM Treasury
View details
Government Response AI assessment · 10 of 4 classified
Accepted 5
Accepted in Part 1
Deferred 3
Rejected 1
Total 4 recs + 6 conclusions
Correspondence 4 letters
2 Sep 2025 Correspondence to the NWF on follow-up to evidence session on 1 July 2025, dated 22 July 2025
Parliament page
2 Sep 2025 Correspondence from CEO of the NWF on follow-up to evidence session on 1 July 2025, dated 8 August 2025
Parliament page
1 Jul 2025 Correspondence from Siemens Energy following oral evidence on our inquiry into the National Wealth Fund, dated 30 June 2025
Parliament page
18 Jun 2025 Correspondence from ICE following oral evidence on our inquiry into the National Wealth Fund
Parliament page