Question to the HM Treasury:

To ask the Chancellor of the Exchequer, with reference to her letter to the CEO of the National Wealth Fund entitled Statement of Strategic Priorities to the National Wealth Fund, dated 19 March 2025, in what circumstances the National Wealth Fund should be receptive to investment suggestions made by Ministers in her Department.

The National Wealth Fund remains operationally independent in its day-to-day activities and its investment committees make investment decisions based on the merits of each opportunity. All investments should align with its objectives and investment principles.

As the sole shareholder, it is right that the National Wealth Fund should be responsive to Treasury ministers’ requests to consider investment proposals. In particular, it may consider investments in emerging government priorities that are facing access to finance gaps. However, final decisions will be subject to the National Wealth Fund’s operating framework and investment principles.