Referral of the proposed subsidy to National Wealth Fund by HM Treasury
Source: gov.uk (2025-11-06)

The Subsidy Advice Unit (SAU) has published a report providing advice to HM Treasury (HMT) concerning its proposed subsidy to the National Wealth Fund.

Administrative timetable

Final Report

6 November 2025: The SAU has published its report providing advice to HMT concerning its proposed subsidy to the National Wealth Fund. The report sets out the SAU’s evaluation of HMT’s Assessment of Compliance of its proposed subsidy with the requirements set out in the Subsidy Control Act 2022.
- Final report (https://www.gov.uk/government/publications/report-on-the-proposed-subsidy-to-the-national-wealth-fund-by-hm-treasury) (6.11.25)
Request from HMT

26 September 2025: The SAU has accepted a request for a report from HMT concerning the proposed subsidy to the National Wealth Fund. This request relates to a Subsidy of Particular Interest.

The SAU will prepare a report, which will provide an evaluation of the HMT’s assessment of whether the subsidy complies with the subsidy control requirements (Assessment of Compliance). The SAU will complete its report within 30 working days.

Information about the subsidy provided by HMT

HM Treasury is expanding an existing subsidy for the National Wealth Fund (NWF), formerly known as the UK Infrastructure Bank.

The NWF is a policy bank which aims to mobilise investment in support of the growth and clean energy missions, in line with the NWF’s statutory objectives of tackling climate change and supporting regional and local economic growth. The £5.8 billion subsidy will expand the NWF’s total financial capacity to £27.8 billion. There is no fixed duration for deployment of this subsidy.

The subsidy will be provided to the NWF as sole beneficiary, enabling the NWF to expand its investment activity through financial instruments of debt, equity and guarantees. The NWF is operationally independent with flexibility to invest according to market need, within its legislative mandate and a Statement of Strategic Priorities set by the Chancellor of the Exchequer. The NWF will administer the subsidy in line with the investment principles set by HM Treasury and assess each individual investment against its subsidy control obligations.

The NWF’s governance is set out in a Framework Document with HM Treasury, which ensures strategic alignment, operational independence, and robust oversight through regular reporting and performance monitoring.

Information for third parties

If you wish to comment on matters relevant to the SAU’s evaluation of the Assessment of Compliance concerning the proposed subsidy to National Wealth Fund, please send your comments on the date stipulated in the timetable above. For guidance on representations relevant to the Assessment of Compliance, see the section on reporting period and transparency in the Operation of the subsidy control functions of the Subsidy Advice Unit (https://www.gov.uk/government/publications/guidance-on-the-operation-of-the-subsidy-control-functions-of-the-subsidy-advice-unit/operation-of-the-subsidy-control-functions-of-the-subsidy-advice-unit).

Please send your submissions to the public authority: xxx@xxx.xx (mailto:xxx@xxx.xx).

Please also provide a contact address and explain in what capacity you are making the submission (for example, as an individual or a representative of a business or organisation).

Notes to third parties wishing to make a submission

The SAU will only take your submission into account if it can be shared with HMT. The SAU will send a copy of your submission to HMT together with its report. This is to allow the public authority to take account of the submission in its decision as to whether to grant or modify the subsidy or its assessment. We therefore ask that you provide express consent for your full and unredacted submission to be shared. We also encourage you to share your submission directly with HMT using the email address provided above.

The SAU may use the information you provide in its published report. Therefore, you should indicate in your submission whether any specified parts of it are commercially confidential. If the SAU wishes to refer in its published report to material identified as confidential, it will contact you in advance.

For further details on confidentiality of third party submissions, see identifying confidential information in the Operation of the subsidy control functions of the Subsidy Advice Unit (https://www.gov.uk/government/publications/guidance-on-the-operation-of-the-subsidy-control-functions-of-the-subsidy-advice-unit/operation-of-the-subsidy-control-functions-of-the-subsidy-advice-unit).

Contacts
- CMA press team: xx-xxxx-xxxx or xxx@xxx.xx (mailto:xxx@xxx.xx)