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
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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
3 results
Clear
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
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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
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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
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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