Question to the Cabinet Office:

To ask the Minister for the Cabinet Office, with reference to his Department's guidance entitled Public Bodies Handbook – Part 2: The Approvals Process for the Creation of New Arm’s-Length Bodies, whether his Department's public bodies team assessed the National Wealth Fund against the requirement that the creation of a new arm's length body should only be considered as a last resort; whether the Treasury provided evidence that alternative delivery models were considered; and which of the tests in Chapter Two of that guidance the National Wealth Fund met.

The UK Infrastructure Bank has become the National Wealth Fund with an expanded remit, therefore it is not a new ALB. It is captured by the government’s ongoing review of all ALBs, announced on 7 April. This review is part of the government’s plan to streamline the state by closing, merging or repatriating public bodies into departments unless their separate existence can be strongly justified.