Written questions by Davies.

On what date the National Wealth Fund Board was informed of the Government’s intention to allocate £200 million to Grangemouth community; and whether the Board formally approved any such commitment in accordance with its statutory governance and investment processes.

The Government made a major intervention to ensure the long-term future of the Grangemouth site. As part of that, £200 million has been made available from the National Wealth Fund’s existing capitalisation for investible projects at Grangemouth. The National Wealth Fund will be responsible for approval of specific investments, in line with its regular governance and investment processes, including Board approval where appropriate.

How the £14.5 million announced for Grangemouth at the November 2025 Budget will be allocated; and what project milestones or conditions must be met before funds are released.

The UK and Scottish Governments are working together to assess and progress all investment at Grangemouth. To support this, at Autumn Budget 2025 the Chancellor announced up to £14.5 million of UKG funding for Grangemouth to support future projects. At this moment in time, we cannot provide further information on allocation of this funding due to commercial sensitivities. Funding for projects will only be dispensed after thorough due diligence and Accounting Officer checks have been completed by the UK Government, but the UK Government remains committed to delivering a successful low-carbon future for Grangemouth.

How the £14.5 million for Grangemouth announced at the Budget relates to the previous commitment from the Prime Minister that £200 million from the National Wealth Fund would support the transition of the Grangemouth site; and whether the £14.5 million announced at the Budget is additional to the previous £200 million commitment.

The £14.5 million of investment to support industrial projects in Grangemouth announced at Autumn Budget 2025 is in addition to the National Wealth Fund commitment.

What proportion of the British Business Banks’s economic capital limit has been earmarked specifically for (a) micro-businesses and (b) businesses in the devolved nations.

The Secretary of State and the Chancellor have jointly set the British Business Bank a strategic mandate over the next five years. This includes a new mission to drive economic growth by helping smaller businesses get the finance they need to start, scale and stay in the UK. While the mandate itself does not specify numbers, types of businesses, location, or sectors, the Bank has an excellent track record of addressing disparities in investment within the UK, with the Bank’s Impact report 24/25 showing that 24,000 businesses have newly benefited from finance supported by the Bank and 84% of businesses were outside London. The Bank will continue to report regularly on the impact of its interventions.

What targets the Government has set for the British Business Bank in respect of i) the number of smaller businesses to receive finance, ii) the amount of finance directed to devolved nations and regions, and iii) a list of sectors which benefit annually.

The Secretary of State and the Chancellor have jointly set the British Business Bank a strategic mandate over the next five years. This includes a new mission to drive economic growth by helping smaller businesses get the finance they need to start, scale and stay in the UK. While the mandate itself does not specify numbers, types of businesses, location, or sectors, the Bank has an excellent track record of addressing disparities in investment within the UK, with the Bank’s Impact report 24/25 showing that 24,000 businesses have newly benefited from finance supported by the Bank and 84% of businesses were outside London. The Bank will continue to report regularly on the impact of its interventions.

With reference to the Government’s Statement of Strategic Priorities to the British Business Bank, what metric is to be used to measure the target for two-thirds increase in the pace of investment; when is the baseline for this measure; and when the Government expects this target to be met.

The metric used to measure the targeted increase is the total amount of finance, both debt and equity investment, committed by the Bank each year. This metric excludes guarantees. The new level of £2.5 billion in annual commitments - expected to be achieved from 2026/27 onwards - is a two-thirds increase from £1.5 billion expected in 2025/26.

How the British Business Bank plans to measure and publish outcomes relating to its strategic objective to Unlock the potential in people and places, including how it will track and report the number of jobs created, regional investment disparities, and when those metrics will first be published.

The British Business Bank measures and publishes the outcomes of its interventions and its assessment of the market for small business finance in the UK across several publications:The Bank’s Annual Report and AccountsAn annual Impact ReportIndependent evaluation reports on individual programmes, such as the Regions and Nations Investment FundsResearch reports including an annual assessment of small business finance markets and a Nations and Regions TrackerThe next Small Business Finance Markets report is planned to be published in February/March 2026, with the Annual Report and Impact Report in July/August 2026.

What criteria the British Business Bank will use to identify the high-growth UK companies eligible for investment through the British Growth Partnership Fund I; how many firms are expected to benefit from the first close; and what estimates his Department has made of the number of jobs expected to be created or safeguarded as a result.

The British Growth Partnership Fund I will invest in later-stage, high-growth UK companies identified through the British Business Bank's pipeline, building on the Bank's established track record of backing high-potential science and technology firms. Due to the size of the investments and the nature of portfolio construction, the first close of the fund will benefit a limited number of later-stage venture backed businesses.There is no employment target for British Growth Partnership Fund I. Previous evaluations of the Bank's venture programmes have demonstrated strong economic impact, including job creation and increased Gross Value Added.

What steps his Department is taking to ensure that funding provided through the British Growth Partnership Fund I support businesses across all regions and nations of the UK; and what proportion of the £200 million first close is expected to reach firms outside London and the South East.

The British Growth Partnership Fund I is an investment vehicle designed to increase the amount of UK pension fund investment going into UK venture capital. While the fund is UK-focused, its objectives are fully commercial and designed to maximise investment returns to UK pension funds regardless of investment location. Other British Business Bank interventions address disparities in investment within the UK, notably the Nations and Regions Investment Funds and the Regional Angels Programme. In 2024/25, 84% of businesses supported by the Bank were outside London.

What plans his Department has to monitor the long-term performance of the British Growth Partnership Fund I, including investment returns, regional economic impact, and exit outcomes; and whether his Department intends to publish a formal evaluation within three years of the Fund’s first investments.

The British Growth Partnership Fund I will be evaluated against its objectives by the British Business Bank, which will publish the findings. The evaluation methodology will be consistent with the Bank's approach to assessing its existing programmes. The overall evaluation strategy will include an early impact report within three years of the fund being established, followed by an interim evaluation.The long-term nature of venture capital investing and the inherent challenges of increasing institutional investment into UK VC mean that the full economic impact will only be known in the long run, around 10 years after the fund has closed.

What estimate he has made of the level of private investment that the British Growth Partnership Fund I will leverage from institutional partners; and by what date he expects the Fund to achieve that target.

The British Growth Partnership Fund I is anticipated to achieve a first close of the fund of £200 million by the end of March 2026. This amount will consist predominantly of private investment from UK pension funds.The Department expects that following the first close, the British Growth Partnership will raise further capital in advance of the final close of the investment vehicle. The level of additional investment from pension funds will depend on market conditions at the time.

Whether was she informed by the Office for Budget Responsibility in advance of the (a) Autumn Budget 2024 and (b) Spring Statement 2025 that it was likely to conduct a review of productivity forecasts at a forthcoming fiscal event.

The OBR regularly reviews its forecast assumptions. As set out in its latest annual Forecast Evaluation Report, published in July 2025, the OBR noted that they are "currently conducting our regular summer supply stocktake, which involves research into our potential output forecast and its components." As the Government’s independent official forecaster, the OBR has full discretion over the judgements underpinning its forecasts.

When was she first informed by the Office for Budget Responsibility that they planned to review the Government's productivity forecasts.

The OBR regularly reviews its forecast assumptions. As set out in its latest annual Forecast Evaluation Report, published in July 2025, the OBR noted that they are "currently conducting our regular summer supply stocktake, which involves research into our potential output forecast and its components." As the Government’s independent official forecaster, the OBR has full discretion over the judgements underpinning its forecasts.

When she was first informed by officials in her Department that the Office for Budget Responsibility was likely to conduct a review of their productivity forecasts.

The OBR regularly reviews its forecast assumptions. As set out in its latest annual Forecast Evaluation Report, published in July 2025, the OBR noted that they are "currently conducting our regular summer supply stocktake, which involves research into our potential output forecast and its components." As the Government’s independent official forecaster, the OBR has full discretion over the judgements underpinning its forecasts.

With reference to the press release entitled Sizewell C gets green light with final investment decision, published on 22 July 2025, whether the National Wealth Fund is expected to return the additional capital provided to it by HM Treasury.

The National Wealth Fund (NWF) is the provider of the Government’s loan for Sizewell C. This enables the project to benefit from the NWF’s operationally independent infrastructure finance expertise. The NWF will repay the debt provided by HM Treasury following repayments made by Sizewell C to the NWF. The associated profit will be recycled to consumers, helping to keep the impact of Sizewell C on consumers’ bills low.

With reference to the press release entitled Chancellor pledges to unlock growth in Cornwall, published on 29 July 2025, whether the £28.6 million investment into Cornish Metals by the National Wealth Fund had previously been committed to by the UK Infrastructure Bank before 4 July 2024.

The commitment to invest £28.6 million into Cornish Metals was made by the National Wealth Fund and announced on 28th January 2025. The investment is separate to the £24 million equity investment into Cornish Lithium announced on 23rd August 2023 by the UKIB

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 press release entitled Chancellor pledges to unlock growth in Cornwall, published on 29 July 2025, what proportion of the jobs created by the reopening of the South Crofty Tin Mine will be directly employed by Cornish Metals; and on what evidential basis her Department calculated the indirect employment figures referenced in that press release.

Cornish Metals expect over 300 direct jobs to be created at South Crofty mine, with up to a further 1,000 indirect jobs being created to support the mining operation. The employment figures referenced in the HM Treasury press release were provided by Cornish Metals in their Preliminary Economic Assessment of the South Crofty project. This can be found on Cornish Metals’ website: https://cornishmetals.com/projects/uk/south-crofty/.