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Select Committee · Treasury Committee

National Wealth Fund

Status: Closed Opened: 20 Mar 2025 Closed: 15 Jan 2026 4 recommendations 6 conclusions 1 report

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 for this Parliament. In this … Show more

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Reports

1 report
Title HC No. Published Items Response
12th Report - National Wealth Fund HC 806 28 Oct 2025 10 Responded

Recommendations & Conclusions

3 items
3 Conclusion 12th Report - National Wealth Fund Deferred

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; c. how the NWF will be evaluated, how often and … Read more

Government response AI 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.
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HM Treasury
5 Conclusion 12th Report - National Wealth Fund Deferred

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 AI 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.
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HM Treasury
6 Conclusion 12th Report - National Wealth Fund Deferred

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 AI 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.
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HM Treasury

Oral evidence sessions

3 sessions
Date Witnesses
1 Jul 2025 John Flint · National Wealth Fund, Neeraj Patel · HM Treasury, The Lord Livermore · HM Treasury View ↗
18 Jun 2025 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 View ↗
14 May 2025 Chris Cummings · The Investment Association, Joe Dharampal-Hornby · Impact Investing Institute, Richard Threlfall · Institution of Civil Engineers, Signe Norberg · Aldersgate Group View ↗

Who gave evidence

16 witnesses
WitnessOrganisationSessions
Chaitanya Kumar · Acting Head of Economic and Environmental Policy New Economics Foundation 1
Chris Cummings · Chief Executive Officer The Investment Association 1
Darren Davidson · Vice President Siemens Energy UK&I and Siemens Gamesa UK 1
Dr Martin Turner · Director of Policy and External Affairs UK BioIndustry Association 1
James Earl · Chief Executive Future Energy Networks 1
Joe Dharampal-Hornby · Public Affairs Manager Impact Investing Institute 1
John Flint · Chief Executive Officer National Wealth Fund 1
Mark Thomas · Chief Executive Officer First Light Fusion 1
Neeraj Patel · Deputy Director HM Treasury 1
Phil Chambers · Chief Executive Officer Orbex 1
Pranesh Narayanan · Research fellow, Economy & Environment Institute for Public Policy Research 1
Professor Neil Lee · Professor of Economic Geography London School of Economics 1
Richard Threlfall · Policy Fellow Institution of Civil Engineers 1
Shaun Spiers · Executive Director Green Alliance 1
Signe Norberg · Head of Public Affairs and Communications Aldersgate Group 1
The Lord Livermore · Financial Secretary to the Treasury HM Treasury 1

Correspondence

4 letters
DateDirectionTitle
2 Sep 2025 — Correspondence to the NWF on follow-up to evidence session on 1 July 2025, date…
2 Sep 2025 — Correspondence from CEO of the NWF on follow-up to evidence session on 1 July 2…
1 Jul 2025 — Correspondence from Siemens Energy following oral evidence on our inquiry into …
18 Jun 2025 — Correspondence from ICE following oral evidence on our inquiry into the Nationa…