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
1 result
Clear
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