Written questions by Roca.

Whether the National Wealth Fund (a) conducted due diligence on alternative pipeline route and junction location options and (b) commissioned an independent engineering assessment of alternative junction locations for the meeting point of pipeline Sections 3 and 4 before investing in Peak Cluster Limited.

The National Wealth Fund (NWF) is operationally independent in regard to its investment decisions. The NWF undertakes extensive due diligence in line with commercial investor assessment standards, processes and quantification methodologies, to ensure that taxpayer funds are deployed safely, represent value for money, and support technically and commercially viable projects.As part of this process, the NWF considers all relevant design, technical and delivery risks associated with proposed projects. Details of individual assessments, including any consideration of specific design or routing options, remain commercially sensitive.

What steps she is taking with Cabinet colleagues to help increase economic growth through new technologies.

The Digital and Technologies sector plan sets out the government’s vision for the UK to be one of the best places in the world for fast-growing technology businesses, including through support for R&D, skills and growth financing. The government is also improving the business environment through pro-innovation regulatory reform. Government R&D spending will grow to £22.6bn per year by 2029-30, with a focus on frontier technologies with the greatest growth potential.

What budget has been allocated for longitudinal monitoring of the financial impact of the proposed Equality and Human Rights Commission's revised code of practice for services, public functions and associations on businesses post-implementation.

The Office for Equality and Opportunity in the Cabinet Office will consider the EHRC's updated draft Code of Practice once it has been submitted and engage with them to ensure it provides the further certainty and clarity service providers need, in line with the Supreme Court ruling. Employers and other duty bearers must follow the law and should take appropriate specialist legal advice where necessary. We do not centrally retain budgeting information on the EHRC’s spending on specific evaluations of its policies.

Whether she plans to review the High Income Child Benefit Charge.

The High Income Child Benefit Charge (HICBC) is currently the best way to manage Child Benefit expenditure. By withdrawing Child Benefit from high-income families, the HICBC helps to ensure the sustainability of the public finances and protect our vital public services. As announced at Spring Statement 2025, the Government is simplifying the process for those who pay the HICBC by investing to modernise HMRC's IT and data systems.

What assessment she has made of the potential merits of making defibrillators exempt from VAT.

The Government currently provides VAT reliefs to aid the purchase of defibrillators. For example, when an Automated External Defibrillator is purchased with funds provided by a charity and then donated to an eligible body, no VAT is charged. Furthermore, all state schools in England have been fitted with AEDs. A key consideration for any potential new VAT relief is whether savings would be passed on to the consumer. Evidence suggests that businesses only partially pass on any savings from lower VAT rates.

What her policy is on (a) access to cash, (b) businesses being required to use cash and (c) helping vulnerable people reliant on cash infrastructure adapt to a cashless society.

The Government recognises that cash continues to be used by millions of people across the UK, including those who may be in vulnerable groups. The Financial Conduct Authority has recently assumed regulatory responsibility for protecting access to cash, and its new rules went live on 18 September. The rules require the UK’s largest banks and building societies to assess the impact of a closure of a relevant cash withdrawal or deposit facility and put in place a new service if necessary.It is for each business to decide on the forms of payment it chooses to accept, based on a variety of factors, including cost and customer preferences. Research published by the Financial Conduct Authority found that 98 per cent of small businesses surveyed would never turn customers away if they needed to pay in cash. The new rules by the Financial Conduct Authority will also support businesses to accept cash by ensuring they have reasonable access to deposit facilities.The Government also recognises that promoting digital inclusion is essential to building the skills and confidence people need to participate in a modern digital economy and the Department for Science, Innovation and Technology, as the lead department, is considering barriers to this.

Whether she plans to introduce VAT on school fees for vocational music and dance schools where the funding is provided by the Music and Dance Scheme.

On 29 July, the Government announced that, as of 1 January 2025, all education services and vocational training provided by a private school in the UK for a charge will be subject to VAT at the standard rate of 20 per cent. This includes vocational music and dance schools where funding is provided by the Music and Dance Scheme. Where parents or families are paying fees for their child to attend a private music or dance school, they will pay VAT on those fees following this change. The right time to consider any changes to schemes like the Music and Dance Scheme is at the Spending Review.

With reference to the recommendations of the International Monetary Fund in its report entitled New Perspectives on Quantitative Easing and Central Bank Capital Policies, published on 17 May 2024, whether she plans to review the treatment of QE/QT profits and losses.

The Asset Purchase Facility (APF) is indemnified by HM Treasury so that all profits and losses accrued in the APF are owed to, or borne by, HM Treasury. This is in line with its financial relationship with the Bank and supports the Bank’s operational independence by allowing the MPC to make decisions on asset purchases without being constrained by the financial risk of the operations. The advantages of HM Treasury’s indemnity arrangements were outlined in the Autumn Statement 2023 in Box 1.E, and are in line with best practice as set out in a recent IMF working paper. https://www.gov.uk/government/publications/financial-relationship-between-the-treasury-and-the-bank-of-england https://www.gov.uk/government/publications/autumn-statement-2023 https://www.imf.org/en/Publications/WP/Issues/2023/06/02/Quasi-Fiscal-Implications-of-Central-Bank-Crisis-Interventions-534076 Excess cash from asset purchases between 2009 and 2012 initially accrued in the APF. When it became clear that asset purchases under QE were being held for longer and at a larger scale than initially envisaged, the government decided to normalise the cash management arrangements such that any excess cash would be transferred to the Treasury on a quarterly basis. The cash transfers from the APF to the Treasury that took place until 2022 helped reduce the government’s cash requirement and the amount of gilts that would need to be issued by the DMO, therefore reducing the government’s future debt interest costs and supporting the overall position of the public finances. Cashflows were always expected to reverse as quantitative easing is unwound and gilts are sold back into the market.