Question to the HM Treasury:

To ask the Chancellor of the Exchequer, of the £5 billion committed to the National Wealth Fund and British Business Bank, how much will be spent on (a) defence, (b) dual use and (c) other sectors.

At the Budget, the Chancellor announced an additional £20.4bn of capitalisation for the National Wealth Fund and British Business Bank. The Chancellor also announced a commitment that National Wealth Fund and British Business Bank will deploy up to £5 billion of investment and lending over the next four years into defence, dual use and other sectors supporting UK national security, sovereign capability, and resilience. This could include areas such as AI, critical minerals, cyber, quantum and advanced manufacturing

Investment across these sectors will depend on the viable opportunities that come forward, with individual investments assessed on a case-by-case basis in line with each institutions’ respective investment framework.