Written questions by Davies.

With reference to the consultation on Reform of Landfill Tax, what estimate her Department has made of the total cost of proposed Landfill Tax changes on government-funded infrastructure projects in the next five years.

The government consulted on proposals for reform of landfill tax on 28 April following a call for evidence in 2021. The consultation closed on 28 July, and the government is currently considering responses. As part of the consultation on Reform of Landfill Tax, the Government has received a wide range of views from stakeholders, including representatives from the construction sector. Reducing the amount of waste material sent to landfill remains a key environmental objective, supporting the transition to a circular economy. The government recently published a 10-year infrastructure strategy that set out the government’s long-term plan for economic, housing and social infrastructure to drive growth. We will continue to work across government and engage with stakeholders, including the National Infrastructure and Service Transformation Authority, to assess the potential impacts on infrastructure projects. This approach will ensure that infrastructure delivery is supported while advancing circular economy objectives. The government will respond to the consultation in due course.

With reference to the consultation on Reform of Landfill Tax, whether her Department has modelled the potential impact of proposed changes to Landfill Tax on the cost of building a new home.

The government consulted on proposals for reform of landfill tax on 28 April following a call for evidence in 2021. The consultation closed on 28 July, and the government is currently considering responses.The government is committed to delivering 1.5 million homes over 5 years as set out in the Plan for Change. The government is considering the potential impacts of proposed Landfill Tax reforms on housing delivery and government targets. We are working with the Department for Housing, Communities and Local Government to assess these impacts and support the delivery of 1.5 million homes.The government will respond to the consultation in due course.

With reference to the HM Treasury press release entitled Chancellor pledges to unlock growth in Cornwall, published on 29 July 2025, whether the Government expects to provide additional public funding to support the reopening of the South Crofty Tin mine.

The National Wealth Fund made a £28.6 million equity investment in the South Crofty tin mine to help de-risk the project and enable it to secure additional financing to operationalise the mine. The investment supports the continued growth and sustainability of Cornwall’s mining sector. The National Wealth Fund will continue to explore opportunities to support the South Crofty tin mine alongside private sector investment.

With reference to the consultation on Reform of Landfill Tax, what discussions she has had with the Secretary of State for Housing, Communities and Local Government on the potential impact of the proposed changes to Landfill Tax on the cost of housing.

The government consulted on proposals for reform of landfill tax on 28 April following a call for evidence in 2021. The consultation closed on 28 July, and the government is currently considering responses.The government is committed to delivering 1.5 million homes over 5 years as set out in the Plan for Change. The government is considering the potential impacts of proposed Landfill Tax reforms on housing delivery and government targets. We are working with the Department for Housing, Communities and Local Government to assess these impacts and support the delivery of 1.5 million homes.The government will respond to the consultation in due course.

With reference to the consultation on Reform of Landfill Tax, whether she plans to conduct an Infrastructure and Projects Authority review prior to a removal of the exemption for filling quarries from the Landfill Tax.

The government consulted on proposals for reform of landfill tax on 28 April following a call for evidence in 2021. The consultation closed on 28 July, and the government is currently considering responses. As part of the consultation on Reform of Landfill Tax, the Government has received a wide range of views from stakeholders, including representatives from the construction sector. Reducing the amount of waste material sent to landfill remains a key environmental objective, supporting the transition to a circular economy. The government recently published a 10-year infrastructure strategy that set out the government’s long-term plan for economic, housing and social infrastructure to drive growth. We will continue to work across government and engage with stakeholders, including the National Infrastructure and Service Transformation Authority, to assess the potential impacts on infrastructure projects. This approach will ensure that infrastructure delivery is supported while advancing circular economy objectives. The government will respond to the consultation in due course.

What assessment she has made of the implications for her Department’s policies of section 7.6 of the Climate Change Committee's Seventh Carbon Budget on aviation, published on 26 February 2025.

In line with the Climate Change Act 2008, the Government will respond to the Climate Change Committee’s Seventh Carbon Budget Advice and set the seventh carbon budget in law by 30 June 2026. The Government will set out policies to support delivery of the seventh carbon budget as soon as reasonably practicable after this.

What recent discussions she has had with the Security of State for Energy Security and Net Zero on a response to the Climate Change Committee’s report on the Seventh Carbon Budget, published on 26 February 2025.

In line with the Climate Change Act 2008, the Government will respond to the Climate Change Committee’s Seventh Carbon Budget Advice and set the seventh carbon budget in law by 30 June 2026. The Government will set out policies to support delivery of the seventh carbon budget as soon as reasonably practicable after this.

What assessment her Department has made of the potential impact of increases to Air Passenger Duty in (a) 2025 and (b) 2026 on passenger demand.

The Government published Tax Impact and Information Notes (TIINs) assessing the impacts of the 2025/26 and 2026/27 Air Passenger Duty rates: Air Passenger Duty: rates from 1 April 2025 to 31 March 2026 - GOV.UK Air Passenger Duty: rates from 1 April 2026 to 31 March 2027 - GOV.UK The OBR certified costing of the changes includes a behavioural effect to account for the change in flights taken resulting from the change in the tax rates.

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.

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, whether additional risk management employees will be hired as the National Wealth Fund takes on greater risk.

As the National Wealth Fund delivers on its wider remit with an increased risk appetite, and its portfolio of investments grows, it will require more resources and expertise to manage the increasing number of projects effectively. The risk function is one of several front office teams that will need to expand to deliver on these objectives.

With reference to her oral answer to the question from the Rt hon. Member for Gainsborough on 21 January 2025, Official Report, col 859, how the Government plans to compensate hospices for the increase in Secondary Class 1 National Insurance Contributions.

The Government recognises the vital role hospices play in supporting people at the end of life and their families. The Government will provide support for departments and other public sector employers for additional employer National Insurance costs only. Private sector firms or charities including hospices or social care providers that are contracted by central or local Government will not be exempt from these changes. This is the usual approach the Government takes to supporting the public sector with additional employer National Insurance contributions as was the case with the previous Government’s Health and Social Care Levy. The Government is determined to shift more healthcare into the community and ensure patients and their families receive high-quality, personalised care in the most appropriate setting, and hospices will have a big role to play in that shift.Integrated Care Boards are responsible for the commissioning of palliative and end of life care services to meet the needs of their local populations; where ICBs provide funding, they will work with hospices to agree funding arrangements through the normal contracting process. The Government has recently announced that we are supporting the hospice sector with a £100 million boost for adult and children’s hospices to ensure they have the best physical environment for care, and £26 million revenue to support children and young people’s hospices. We will set out the details of the funding allocation in due course.

Pursuant to the Answer of 4 February 2025 to Question 27493 on British Business Bank: National Wealth Fund and with reference to the press release entitled Boost for new National Wealth Fund to unlock private investment, published on 9 July 2024, for what reason the British Business Bank will no longer be aligned under National Wealth Fund with the UK Infrastructure Bank.

The National Wealth Fund (NWF) is at the forefront of investing public money and will work in close partnership with other public financial institutions, including the British Business Bank. The UK’s public financial institutions each target specific market failures and finance gaps to drive growth. The Government is strengthening strategic coordination across these institutions, including by creating the Strategic Public Investment Forum. This CEO-level forum will consider how to leverage the institutions’ different expertise to best support investment and collectively identifying opportunities for greater effectiveness and coherence in the landscape.

With reference to the Chief Secretary to the Treasury's oral contribution of 4 March 2025, Official Report, what is the process for approval by the National Wealth Fund of a proposed business case for investment; and who makes the final decision.

The National Wealth Fund considers business cases for investments on a case-by-case basis, supporting proposals that fall within the scope of its mandate and investment principles. An investment made by National Wealth Fund would need to have satisfied its investment principles and internal approval processes. The National Wealth Fund has delegated authority to make investment decisions, subject to those investments meeting certain conditions agreed with HM Treasury.

With reference to the Chief Secretary to the Treasury's oral contribution of 4 March 2025, Official Report, if she will publish the National Wealth Fund's business case to fund the £200 million investment in Grangemouth.

The National Wealth Fund has made financing available for new investment projects in Grangemouth, subject to viable proposals coming forward. This financing will help unlock Grangemouth’s full potential and secure our clean energy future. Any investment made into Grangemouth by the National Wealth Fund would be subject to the investment satisfying the National Wealth Fund’s normal requirements for investable proposals.

With reference to the Chief Secretary to the Treasury's oral contribution of 4 March 2025, Official Report, what her policy is on the operational independence of the National Wealth Fund.

The National Wealth Fund is operationally independent and has delegated authority to make investment decisions, subject to those investments meeting certain conditions agreed with HM Treasury. An investment made by the National Wealth Fund would need to have satisfied its investment principles and internal approval processes.

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 Bank.

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.

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.

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

With reference to her Department's policy paper entitled National Wealth Fund: Mobilising Private Investment, published on 14 October 2024, what outreach work the National Wealth Fund has undertaken including but not limited to in-person and virtual meetings since 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

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.