Source · Select Committees · Treasury Committee
12th Report - National Wealth Fund
Treasury Committee
HC 806
Published 28 October 2025
Conclusions (3)
3
Conclusion
Deferred
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 …
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.
5
Conclusion
Deferred
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.
6
Conclusion
Deferred
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)
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.