12th Report - National Wealth Fund
Select Committee
Treasury Committee
HC 806
28 October 2025
Government response
5th Special Report - National Wealth Fund: Government Response · published 15 Jan 2026
Recommendations & Conclusions
3 results
3
Conclusion
Deferred
Outline comprehensive performance metrics, risk appetite, evaluation methods, and taxpayer benefit in the new NWF Strategy.
Conclusion
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; …
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Government Response Summary
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
Mitigate early privatisation risks of the National Wealth Fund by measuring its societal benefits.
Conclusion
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 Summary
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
Co-ordinate NWF liaison with British Business Bank and Innovate UK to support scaling businesses.
Conclusion
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)
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Government Response Summary
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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