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Correction to PQ HL11051

It has been brought to my attention that a written answer given to Lord Taylor of Warwick contained inaccurate information.

The reply to written Parliamentary Question HL11051, tabled by Lord Taylor of Warwick on 15 October 2025, stated that “The UK works closely with the World Bank (WB) to strengthen the position of the City of London as a global financial centre. The World Bank Group has 70 staff members in London, which is one of three International Finance Corporation (IFC) Treasury Hubs. IFC, WB's private sector arm, has an active committed investment portfolio of over $5.2 billion with UK businesses. The UK is the largest investor country for the Multilateral Investment Guarantee Agency (MIGA), with an exposure of $7.4 billion. The City is also a centre of innovation. For example, last month, with support from the UK, the IFC sold $500 billion of assets on the London Stock Exchange in a breakthrough transaction which will create a new asset class for UK and international investors.”

For clarity, the answer should read:

“The UK works closely with the World Bank (WB) to strengthen the position of the City of London as a global financial centre. The World Bank Group has 70 staff members in London, which is one of three International Finance Corporation (IFC) Treasury Hubs. IFC, WB's private sector arm, has an active committed investment portfolio of over $5.2 billion with UK businesses. The UK is the largest investor country for the Multilateral Investment Guarantee Agency (MIGA), with an exposure of $7.4 billion. The City is also a centre of innovation. For example, in September 2025, with support from the UK, the IFC sold $510 million of assets on the London Stock Exchange in a breakthrough transaction which will create a new asset class for UK and international investors.”

I would like to apologise for any confusion.