Asked by: Ben Obese-Jecty (Conservative - Huntingdon)
Question to the HM Treasury:
To ask the Chancellor of the Exchequer, whether local authorities are able to utilise the expertise of the (a) Office for Investment, (b) National Wealth Fund and (c) British Business Bank.
Answered by Lucy Rigby - Economic Secretary (HM Treasury)
The UK's public investment bodies, including the Office for Investment, National Wealth Fund, and British Business Bank, are committed to working with each other, local government and the private sector to support regional growth.
a) The Office for Investment actively pursues investment projects that support national growth missions and infrastructure strategies across the UK. It will work closely with local and regional partners, including local authorities, to support this. This includes helping key places to identify, develop, and showcase investment opportunities with global investors that are aligned with the UK's Industrial Strategy.
b) The National Wealth Fund offers commercial and financial advice, and has £4bn to provide low-cost lending, to local authorities across the UK. It is also trialling Strategic Partnerships with Greater Manchester, West Yorkshire, West Midlands, and Glasgow City Region to provide enhanced support to help places develop and finance long-term investment opportunities.
c) The British Business Bank works closely with local and regional stakeholders to improve access to finance for small and medium-sized enterprises, including through its Nations and Regions Investment Funds and upcoming cluster champion activity, supporting local economic priorities through targeted funding and investment readiness support.
Asked by: Ben Obese-Jecty (Conservative - Huntingdon)
Question to the HM Treasury:
To ask the Chancellor of the Exchequer, with reference to page 42 of the Defence Industrial Strategy: Making Defence an Engine for Growth, published on 8 September 2025, CP 1388, by when she expects the British Business Bank to (a) introduce tailored market approaches and (b) offer the £40 to £60 million to strategically important, capital-intensive businesses.
Answered by James Murray - Chief Secretary to the Treasury
The British Business Bank will be able to deploy the funding it was allocated at Spending Review, and which was outlined in the Defence Industrial Strategy, from the beginning of the next financial year. As a commercially independent organisation the BBB will select its own investments, in line with the Mandate set by government.
Asked by: Ben Obese-Jecty (Conservative - Huntingdon)
Question to the HM Treasury:
To ask the Chancellor of the Exchequer, with reference to page 46 of the National Security Strategy 2025, published in June 2025, CP 1338, what progress she has made on reducing the cost of finance for defence companies.
Answered by James Murray - Chief Secretary to the Treasury
As set out in the Defence Industrial Strategy, a Defence Finance and Investment Strategy will be published by early next year, explicitly looking at how barriers to investment in defence can be removed while making the sector more attractive for private investment.Asked by: Ben Obese-Jecty (Conservative - Huntingdon)
Question to the HM Treasury:
To ask the Chancellor of the Exchequer, with reference to page 42 of the National Security Strategy 2025, published in June 2025, CP 1338, what progress she has made on supporting priority sectors through a new National Wealth Fund investment for defence companies.
Answered by Lucy Rigby - Economic Secretary (HM Treasury)
The National Wealth Fund was directed in its Statement of Strategic Priorities to consider the role it can play in supporting the delivery of the wider Industrial Strategy, including in the defence sector. It was also directed to consider investments in dual-use technologies across its priority sectors, to better support the UK’s defence and security.
The National Wealth Fund is just one of many levers to support the defence sector. The National Security Strategy 2025 included a historic commitment to spend 5% of GDP on national security by 2035.
Asked by: Ben Obese-Jecty (Conservative - Huntingdon)
Question to the HM Treasury:
To ask the Chancellor of the Exchequer, with reference to page 42 of the Defence Industrial Strategy: Making Defence an Engine for Growth, published on 8 September 2025, CP 1388, by when she expects the British Business Bank Industrial Strategy Growth Capital to provide the additional £4 billion.
Answered by James Murray - Chief Secretary to the Treasury
The British Business Bank’s Industrial Strategy Growth Capital provides an additional £4 billion across the 8 Industrial Strategy sectors and is expected to be deployed over a four-year period. This funding will be committed through existing investment vehicles and is anticipated to be allocated by the end of the 2029–30 financial year, with some follow on funding for companies beyond 2030.
Asked by: Ben Obese-Jecty (Conservative - Huntingdon)
Question to the HM Treasury:
To ask the Chancellor of the Exchequer, with reference to page 53 of the Strategic Defence Review, published on 2 June 2025, how many meetings of the Defence Growth Board she has chaired in 2025 to date.
Answered by James Murray - Chief Secretary to the Treasury
The Chancellor has chaired one meeting of the Defence Growth Board in 2025 to date. The Defence Industrial Strategy, published on 8 September 2025, details how this government is making Defence an engine for growth, and the Chancellor and Defence Secretary are working closely to turn the strategy into action.
Asked by: Ben Obese-Jecty (Conservative - Huntingdon)
Question to the HM Treasury:
To ask the Chancellor of the Exchequer, with reference to page 42 of the National Security Strategy 2025, published in June 2025, CP 1338, what progress she has made on scaling up the National Security Strategic Investment Fund.
Answered by James Murray - Chief Secretary to the Treasury
The government’s recent Spending Review included the scaling of the National Security Strategic Investment Fund – further funding will therefore be provided from the next financial year. Officials from relevant government departments are currently working together to optimise the fund’s operations to ensure the National Security and Defence community and start-ups across the country benefit from its expansion.
Asked by: Ben Obese-Jecty (Conservative - Huntingdon)
Question to the HM Treasury:
To ask the Chancellor of the Exchequer, with reference to page 42 of the Defence Industrial Strategy: Making Defence an Engine for Growth, published on 8 September 2025, CP 1388, what legislative proposals she plans to bring forward to enable the expansion of the National Wealth Fund’s investment scope to (a) capital-intensive projects, (b) businesses and (c) assets.
Answered by Lucy Rigby - Economic Secretary (HM Treasury)
The government will bring forward primary legislation, when parliamentary time allows, to expand the NWF’s mandate beyond infrastructure, enabling it to invest into a wider range of capital-intensive projects, businesses and assets that support growth.
Until then, the National Wealth Fund will continue to invest to support the delivery of the wider Industrial Strategy, including in defense. Its priority sectors, such as advanced manufacturing or digital and technology, have significant synergies with the defense sector.
Asked by: Ben Obese-Jecty (Conservative - Huntingdon)
Question to the HM Treasury:
To ask the Chancellor of the Exchequer, with reference to the National Infrastructure and Service Transformation Authority Annual Report 2024-25, published on 11 August 2025, what the projects are that have been removed from the Government Major Products Portfolio since the 2023-24 financial year.
Answered by James Murray - Chief Secretary to the Treasury
The projects which have been removed from the Government Major Projects Portfolio since the 2023-24 financial year are included in the 2023-24 IPA Annual Report, and the 2024-25 NISTA Annual Report.
Asked by: Ben Obese-Jecty (Conservative - Huntingdon)
Question to the HM Treasury:
To ask the Chancellor of the Exchequer, with reference to the National Infrastructure and Service Transformation Authority Annual Report 2024-25, published on 11 August 2025, what the projects are that have been added to the Government Major Products Portfolio since the 2023-24 financial year.
Answered by James Murray - Chief Secretary to the Treasury
The projects which have joined the Government Major Projects Portfolio since the 2023-24 financial year are included in the 2023-24 IPA Annual Report, and the 2024-25 NISTA Annual Report.