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To ask the Chancellor of the Exchequer, with reference to Q110 of the oral evidence given by the Second Permanent Secretary to the Treasury Select Committee on 12 February 2025, which financial instruments will be available to the National Wealth Fund which were not already available to the UK Infrastructure...
To ask the Chancellor of the Exchequer, with reference to Q110 of the oral evidence given by the Second Permanent Secretary to the Treasury Select Committee on 12 February 2025, which financial instruments will be available to the National Wealth Fund which were not already available to the UK Infrastructure...
The Chancellor announced at the International Investment Summit on 14th October 2024 that the UK Infrastructure Bank (UKIB) would be transformed into the National Wealth Fund (NWF), building on UKIB’s expertise and leadership. To empower the NWF to maximise mobilisation of private investment, the Chancellor committed to expanding the suite of financial instruments available to the NWF over time. Legislation enabling the NWF to issue the first of these new instruments, performance guarantees, will be laid for consideration by Parliament in this Financial Year.
The NWF is also collaborating with Government departments on new blended finance solutions which take on additional risk, crowd in private capital and support the most effective and catalytic use of public funds.
To ask the Chancellor of the Exchequer, with reference to her Department's policy paper entitled National Wealth Fund: Mobilising Private Investment, published on 14 October 2024, what were the previous constraints in relation to the amount of economic risk capital of the UK Infrastructure Bank.
To ask the Chancellor of the Exchequer, with reference to her Department's policy paper entitled National Wealth Fund: Mobilising Private Investment, published on 14 October 2024, what were the previous constraints in relation to the amount of economic risk capital of the UK Infrastructure Bank.
The most important constraint on the National Wealth Fund’s risk appetite is its economic capital risk budget, which limits the total risk exposure it can hold. The UK Infrastructure Bank had £22 billion of notional financial capacity and an economic risk capital budget of £4.5 billion. This was set by HM Treasury when UKIB was established. As part of UKIB's transformation into the National Wealth Fund, HM Treasury will agree a larger amount of economic risk capital, the details of which will be published in due course.
To ask the Chancellor of the Exchequer, what (a) in-person meeting, (b) virtual meeting and (c) other outreach work the UK Infrastructure Bank undertook between 17 June 2021 and 4 July 2024.
To ask the Chancellor of the Exchequer, what (a) in-person meeting, (b) virtual meeting and (c) other outreach work the UK Infrastructure Bank undertook between 17 June 2021 and 4 July 2024.
The National Wealth Fund (NWF) and formerly the UK Infrastructure Bank, actively engages with various stakeholders to enhance the effectiveness and impact of its deals and local authority advisory services. By collaborating with a variety of stakeholders, the NWF ensures that its initiatives are well-informed and supported. This engagement is done through a variety of methods, including bilateral meetings, publications, consultations, and external events (including those hosted by the NWF). The mission of the NWF requires it to support rather than compete with the market and as such, they seek to engage openly with stakeholders.
More information about the engagement NWF undertakes with its stakeholders is set out on pages 73 to 75 of the Annual Report and Accounts National Wealth Fund Limited Annual report and accounts 2023-2024
To ask the Chancellor of the Exchequer, with reference to Q110 of the oral evidence given by the Second Permanent Secretary to the Treasury Select Committee on 12 February 2025, how the risk framework of the National Wealth Fund differs from that of the UK Infrastructure Bank.
To ask the Chancellor of the Exchequer, with reference to Q110 of the oral evidence given by the Second Permanent Secretary to the Treasury Select Committee on 12 February 2025, how the risk framework of the National Wealth Fund differs from that of the UK Infrastructure Bank.
The National Wealth Fund (NWF) are currently revising their risk management framework to reflect changes made from the UK Infrastructure Bank’s strategic objectives, economic capital and risk appetite. A revised version will be published on the NWF website in due course.
To ask the Chancellor of the Exchequer, if she will make an estimate of the number of people employed by the National Wealth Fund that previously worked for the UK Infrastructure Bank.
To ask the Chancellor of the Exchequer, if she will make an estimate of the number of people employed by the National Wealth Fund that previously worked for the UK Infrastructure Bank.
The Chancellor announced at the International Investment Summit on 14th October 2024 that the UK Infrastructure Bank would be transformed into the National Wealth Fund (NWF), This change took effect on that day. All UKIB staff were retained as part of the NWF.
To realise its ambition to catalyse more private investment and accelerate investable projects coming to market across the UK, the NWF will be expanding its team based at its headquarters in Leeds.
The number of roles at the NWF will be published in the “Staff Report” within the NWF’s Annual Report of Accounts, published following the end of this financial year.
To ask the Chancellor of the Exchequer, if she will make an estimate of the number of staff within the National Wealth Fund that did not previously work for the UK Infrastructure Bank.
To ask the Chancellor of the Exchequer, if she will make an estimate of the number of staff within the National Wealth Fund that did not previously work for the UK Infrastructure Bank.
The Chancellor announced at the International Investment Summit on 14th October 2024 that the UK Infrastructure Bank would be transformed into the National Wealth Fund (NWF), This change took effect on that day. All UKIB staff were retained as part of the NWF.
To realise its ambition to catalyse more private investment and accelerate investable projects coming to market across the UK, the NWF will be expanding its team based at its headquarters in Leeds.
The number of roles at the NWF will be published in the “Staff Report” within the NWF’s Annual Report of Accounts, published following the end of this financial year.
I am sure that the Leader of the House and every Member will join me in welcoming the news overnight of a ceasefire in Gaza. Let us hope and pray that it is as effective, comprehensive and long-lasting as possible.
Back at home, all one can say is that it has...
I am sure that the Leader of the House and every Member will join me in welcoming the news overnight of a ceasefire in Gaza. Let us hope and pray that it is as effective, comprehensive and long-lasting as possible.
Back at home, all one can say is that it has...
I, too, am sure that the whole House will welcome the developments between Israel and Gaza over the past hours and days, with a long-overdue ceasefire and the release of hostages now looking like a real possibility, although that is still to be confirmed. This will hopefully now lead to...
I, too, am sure that the whole House will welcome the developments between Israel and Gaza over the past hours and days, with a long-overdue ceasefire and the release of hostages now looking like a real possibility, although that is still to be confirmed. This will hopefully now lead to...
To ask the Chancellor of the Exchequer, what proportion of funding from the UK Infrastructure Bank went to female-led (a) projects and (b) businesses in the last 10 years.
To ask the Chancellor of the Exchequer, what proportion of funding from the UK Infrastructure Bank went to female-led (a) projects and (b) businesses in the last 10 years.
The National Wealth Fund does not record the gender of the leadership teams of the projects and businesses, in which it invests. The National Wealth Fund makes investment decisions in line with its investment principles, which can be found on its website. The UK Infrastructure Bank operated from 2021-24.
To ask His Majesty's Government when the 2023–24 accounts for the UK Infrastructure Bank will be published and laid before Parliament.
To ask His Majesty's Government when the 2023–24 accounts for the UK Infrastructure Bank will be published and laid before Parliament.
In accordance with the Government Financial Reporting Manual: 2022-23, the Annual Reports and Accounts for 2023-24 for the UK Infrastructure Bank, now the National Wealth Fund, was laid before parliament by HM Treasury on 25 November and published on 26 November.
To ask the Chancellor of the Exchequer, how many applications for funding from the UK Infrastructure Bank for schemes in Northern Ireland were (a) awarded and (b) rejected.
To ask the Chancellor of the Exchequer, how many applications for funding from the UK Infrastructure Bank for schemes in Northern Ireland were (a) awarded and (b) rejected.
The National Wealth Fund (NWF), formerly the UK Infrastructure Bank, has committed funding to three transactions that have benefited Northern Ireland (NI) with a total of £71m invested to date. Two of these deals are debt investments in the digital sector, supporting Fibrus and Netomnia, and the other is a guarantee deal for retrofitting social housing with Barclays.
Due to commercial confidentiality, the NWF does not disclose details of deals that were not completed. However, it has a robust process in place to assess the suitability of deal enquires in line with its strategy.
Further details on how NWF assess deals and additionality can be found in their Strategic Plan, and details on deals signed can be found in their Factsheets.
To ask His Majesty's Government what assessment they have made of the work of the UK Infrastructure Bank.
To ask His Majesty's Government what assessment they have made of the work of the UK Infrastructure Bank.
On 14 October the Chancellor announced the creation of the National Wealth Fund (NWF). Building on the UK Infrastructure Bank’s leadership and expertise, the NWF will go further to catalyse more private investment.
To mobilise private investment at pace, the Government has turbocharged the NWF to be more catalytic by equipping it with the financial products, mandate and risk capital to catalyse private capital most effectively. It will have a total capitalisation of £27.8bn, inheriting UKIB’s existing capitalisation with an additional £5.8bn which will be committed over this Parliament.
Going forward, the NWF will have a broader mandate, extending beyond infrastructure to support delivery of the wider Industrial Strategy in areas where there is an undersupply in private finance, working alongside the British Business Bank.
It will take a proactive approach, with increased resources and focus to conduct more outreach, identifying expanded project pipelines and structure innovative transactions. It will also have a strong regional mandate to unleash the full potential of our cities and regions. These changes will ensure that the NWF can catalyse additional investment, delivering impactful projects and unlocking growth opportunities across the UK.
This government has been clear: our number one mission is driving economic growth to improve the lives of the British people. To grow our economy, we need more high quality, long-term investment. This means creating a new partnership with businesses and making sure Britain is the best place in the...
This government has been clear: our number one mission is driving economic growth to improve the lives of the British people. To grow our economy, we need more high quality, long-term investment. This means creating a new partnership with businesses and making sure Britain is the best place in the...
My right honourable friend the Chancellor of the Exchequer (Rachel Reeves) has today made the following Written Ministerial Statement.
This government has been clear: our number one mission is driving economic growth to improve the lives of the British people. To grow our economy, we need more high quality, long-term investment....
My right honourable friend the Chancellor of the Exchequer (Rachel Reeves) has today made the following Written Ministerial Statement.
This government has been clear: our number one mission is driving economic growth to improve the lives of the British people. To grow our economy, we need more high quality, long-term investment....
To ask the Secretary of State for Science, Innovation and Technology, what steps he plans to take with the UK Infrastructure Bank to support the semiconductor industry.
To ask the Secretary of State for Science, Innovation and Technology, what steps he plans to take with the UK Infrastructure Bank to support the semiconductor industry.
This government recognises the strategic importance of semiconductors as a critical technology for the future of the UK and a significant enabler of the government’s growth and clean energy missions. We have announced our plan to align key government finance institutions, such as the UK Infrastructure Bank, under the National Wealth Fund, which will boost growth and unlock investment in sectors like the semiconductor industry.
The government is working at pace to establish the National Wealth Fund and the Chancellor will set out more detail at the international investment summit in October.
To ask the Chancellor of the Exchequer, which schemes the UK Infrastructure Bank has (a) accepted and (b) declined, by local authority area; and how much and what proportion of infrastructure finance available to the bank remained as of 4 July 2024.
To ask the Chancellor of the Exchequer, which schemes the UK Infrastructure Bank has (a) accepted and (b) declined, by local authority area; and how much and what proportion of infrastructure finance available to the bank remained as of 4 July 2024.
The UK Infrastructure Bank (UKIB) sets out financial information in their Annual Reports and Accounts, which are published on their website at https://www.ukib.org.uk/publications and provided to the house on a yearly basis. Further UKIB provides factsheets for each deal it enters into via their website, which can be found at https://www.ukib.org.uk/factsheets.
To ask the Secretary of State for Energy Security and Net Zero, how GB Energy will interact with the (a) UK Infrastructure Bank and (b) National Wealth Fund to provide investment for renewable energy; and how renewables investments by GB Energy will differ from investments by the (a) UK Infrastructure...
To ask the Secretary of State for Energy Security and Net Zero, how GB Energy will interact with the (a) UK Infrastructure Bank and (b) National Wealth Fund to provide investment for renewable energy; and how renewables investments by GB Energy will differ from investments by the (a) UK Infrastructure...
Great British Energy will work with institutions such as the National Wealth Fund and UK Infrastructure Bank to deliver the Government’s clean energy mission. The Government is currently developing the details of both Great British Energy and the National Wealth Fund in consultation with industry stakeholders and is committed to providing further detail on these bodies and the interactions between them in due course.
To ask the Chancellor of the Exchequer, with reference to the Minister without Portfolio's article of 12 May 2024 in The Sunday Telegraph, when the UK Infrastructure Bank is expected to cancel its contract with Constellia Public Ltd, procurement reference CO313; and whether a notice period will be required under...
To ask the Chancellor of the Exchequer, with reference to the Minister without Portfolio's article of 12 May 2024 in The Sunday Telegraph, when the UK Infrastructure Bank is expected to cancel its contract with Constellia Public Ltd, procurement reference CO313; and whether a notice period will be required under...
The UK Infrastructure Bank is an operationally independent arms-length body. Civil Service EDI expenditure guidance does not extend to organisations outside the Civil Service or ALBs not employing Civil Servants.