Sizewell C
House of Commons
UK public financial bodies
National Wealth Fund
Formerly UK Infrastructure Bank (UKIB)
Wholly ownedNational · United Kingdom
The government’s principal investment and policy bank finances capital-intensive projects, businesses and infrastructure to support growth and the transition to clean energy. Its October 2026 priorities also emphasise defence, critical minerals, artificial intelligence and regional growth.
- UK ownership or participation
- 100% owned by HM Treasury through its nominee
- Lead department or body
- HM Treasury
- UK voting rights
- Sole shareholder
- Mandate
- Infrastructure, growth, clean energy and strategic sectors
UK financial position
UK shareholding carrying value£5.276bn31 March 2026
HM Treasury core accounts equity investment value. Excludes its separate loans to NWF and is distinct from the institution’s announced financial capacity.
Underlying source ↗Treasury loans to NWF£3.067bn31 March 2026
Loan assets at amortised cost in the Treasury core accounts; eliminated on group consolidation.
Underlying source ↗Accounting values, paid-in capital and funding commitments have different meanings and reporting dates. These figures are not added together.
Institution finances and activity
These describe the institution or the assets it administers. They are separate from the UK government’s holding.
Announced financial capacity£43.2bnBudget announcement, 28 October 2026
Includes the £15.4bn Budget increase, of which £2bn is allocated to the Energy Wealth Fund. Funding will be drawn down over time; this is not the government’s shareholding value or cash already deployed.
Underlying source ↗Ownership and accountability
HM Treasury is owner and policy sponsor; UK Government Investments is shareholder representative. The Chancellor answers to Parliament. The board and executive take investment decisions within delegated authorities.
Research hub
27 publications relevant to NWF · Institution-specific research shown first
Impact at the National Wealth Fund — Investing across the nations and regions of the UK
National Wealth Fund
Written evidence on HM Treasury and the economics of climate and nature
House of Commons Environmental Audit Committee
News and announcements
View in News and announcements →- UKGI reviews the value, returns and risks of government investments ↗
The Financial Investment Report 2026 examines a defined government loan and equity portfolio, financial-return measures and risk controls. It provides a cross-government view of investment oversight and explains the staged introduction of risk budgeting. It reports historical assets rather than a new capital allocation.
View in Research hub → - Budget announces £15.4bn increase in NWF capacity ↗
The Budget raises announced National Wealth Fund capacity from £27.8bn to £43.2bn, including £2bn for the Energy Wealth Fund. The Chancellor asks NWF to sharpen its focus on lower energy bills, strategic sectors and regional growth while retaining its existing objectives. The allocation supports future investment and lending, with projects drawing down funding over time.
- NWF and BBB given joint defence financing commitment of up to £5bn ↗
The Budget sets a joint commitment for the National Wealth Fund and British Business Bank to deploy up to £5bn over the next four years into defence, dual-use and other sectors supporting national security. The institutions’ individual allocations are not specified. This is a deployment priority within their financing programmes, rather than another £5bn increase in their combined capacity.
View BBB profile → - Strategic Sites Accelerator opens with NWF and Office for Investment support ↗
The new programme is open to qualifying commercial sites across the UK. It aims to mobilise around £700m through the National Wealth Fund and Office for Investment, using concessional finance where needed. First investments are targeted by the end of March 2027.
- Supporting local investment — An offer to places ↗
Sets out how public investment bodies will work with local leaders through earlier planning, clearer access to finance, project pipelines and named leads. The offer brings together the National Wealth Fund, National Housing Bank, British Business Bank and UK Export Finance with other bodies. Practical arrangements will be refined with places.
View in Research hub → - Financial Transaction Control Framework — October 2026 update ↗
Updates the process for institutions seeking Treasury designation as public financial institutions and adds a draft chapter on devolved financial investment. It describes proposed arrangements involving mayors, devolved governments and existing institutions. Chapter six remains draft and is due to be revised before April 2028 following further engagement.
View in Research hub → - Sizewell C ↗
The committee questions whether government control over Sizewell C matches the risks borne by taxpayers and electricity consumers. It calls for six-monthly reports to Parliament, clearer cost and risk information, and stronger government shareholder capability. The report examines existing government financing, including lending through the National Wealth Fund.
View in Research hub → - Treasury evidence questions NWF investment horizons and return requirements ↗
In evidence published on 22 October, the TUC’s Geoff Tily argues for longer investment horizons and a lower return requirement at the National Wealth Fund. The CBI discusses where public co-investment can address market gaps. These are proposals from witnesses at the 20 October hearing, not announced changes to NWF policy.
View in Research hub → - National Wealth Fund publishes its second impact report ↗
NWF’s new report brings together its investment commitments, regional partnerships and expected jobs and emissions effects. The release’s headline finance measure combines public and private funding. It reports commitments and projected impacts, rather than a new government capital allocation or a record of all cash paid.
View in Research hub → - Government favours coordination over merging public finance institutions ↗
The response to MPs’ investment inquiry retains separate roles for BBB and NWF. It points to the Treasury-led Public Investment Roundtable and a forthcoming policy for directing firms to the appropriate institution. The response was received in July and published on 21 October; it should not be read as a new capital announcement.
View in Research hub → - MPs press for clearer public returns from research and scale-up support ↗
The Public Accounts Committee asks for annual measures of business support and clearer plans for taxpayers to share in successful publicly funded research. It highlights links between UKRI grants and BBB/NWF finance. Its recommendations on intellectual property and equity do not establish a new government investment policy.
View in Research hub → - Government announces £2bn Energy Wealth Fund within NWF ↗
The government announced an Energy Wealth Fund within NWF, starting with £2bn and intended future receipts from North Sea oil and gas taxes for renewable and low-carbon energy investment. The 28 October Budget places that initial £2bn within NWF’s £15.4bn capacity increase. Payment timing and the funding instrument remain unspecified.
- Impact at the National Wealth Fund — Investing across the nations and regions of the UK ↗
Reports commitments made through 5 October 2026, associated private finance mobilisation and expected future impacts, alongside regional and sector case studies. It explains how the headline finance measure combines NWF commitments, private finance and the separate Sizewell C loan.
View in Research hub → - Treasury witnesses debate ambition and additionality in public finance ↗
Anna Valero links greater PFI capacity to credible evidence of returns and additionality, while Jim O’Neill calls for more ambitious boards. Peder Beck-Friis warns about borrowing costs. Published on 19 October after the 14 October hearing, the evidence sets out differing witness views rather than committee conclusions.
View in Research hub → - Government sets 2030 jobs objective for National Wealth Fund ↗
The government plans to use NWF’s existing capitalisation to create and support a further 130,000 jobs by 2030, including in technology, defence and clean energy. This is an announced objective, not a result already achieved. The release does not define the baseline or measurement method.
- NWF publishes its 2025–26 annual accounts ↗
The report covers the year to 31 March 2026, including investments, governance and audited financial statements.
- Much ado about PuFins: How the UK’s public financial institutions can unlock billions for investment ↗
Maps the expansion of UK public financial institutions and examines investment options under the fiscal rules. The authors recommend additional National Wealth Fund capital and question the case for institutions issuing their own bonds.
View in Research hub → - Written evidence on HM Treasury and the economics of climate and nature ↗
Positive Money argues that the National Wealth Fund should be able to raise funds on capital markets and support a network of regional investment banks. Its parliamentary submission links these proposals to climate investment, local delivery capacity and coordination between fiscal and financial policy.
View in Research hub → - From Mission Talk to Mission Delivery — State Transformation for the Green Transition in the UK ↗
Examines how the UK can organise public institutions and finance around the green transition. Its public-finance sections discuss the National Wealth Fund, British Business Bank and National Housing Bank, recommending closer coordination, stronger deal-origination capacity and financing terms that share risks and rewards. The report draws on policy analysis and workshops rather than an impact evaluation.
View in Research hub → - Investing in the UK economy ↗
Examines the scale, allocation and coordination of UK public investment support. The committee calls for clearer capital-allocation decisions, easier access for businesses and consolidation of the National Wealth Fund and British Business Bank. UKEF’s subsequent response disputes the report’s comparisons of financial capacity and SME reach, stressing the institutions’ different financing models and purposes.
View in Research hub → - Treasury publishes new NWF governance framework ↗
The framework sets out the roles of Treasury, UKGI and the NWF board, including delegated investment decisions and shareholder reserved matters.
- Private capital mobilisation for climate action by European public financial institutions ↗
Examines the domestic activities of Bpifrance, KfW and Cassa Depositi e Prestiti. The authors discuss bond funding, co-financing, equity and technical assistance, and call for clearer mobilisation targets and more transparent reporting. They caution that institutional histories differ and mobilisation figures are difficult to compare.
View in Research hub →