Type: Policy

ICE submission to the Treasury Committee on the National Wealth Fund inquiry

Date: 28 October 2025

The ICE submitted written evidence to the Treasury Committee’s inquiry on the National Wealth Fund.

The National Wealth Fund (NWF) is a public financial institution set up to partner with the private sector and local government to support projects that drive growth across the UK.

It seeks to unlock more than £70 billion in private investment to help deliver economic growth, make Britain a clean energy superpower, and strengthen the defence sector.

In practice, it will use its £27.8 billion to invest in newer or riskier sectors and technologies that private investors wouldn’t otherwise consider.

The ICE’s submission makes the following key points:

The NWF has the opportunity to effectively crowd in private investment into riskier sectors.
To be successful, the fund will be need to clear about its purpose and risk appetite.
The government will have a role to play in ensuring the fund is set up to take on risk. Currently, the government's accounting frameworks hold back investment.
There is a lot to learn from the UK Infrastructure Bank, which the fund replaces. Mainly, that the NWF will need to build in capability and appropriate governance arrangements. This will mean paying salaries that will attract private finance skills.
The fund and the government will have important roles in shaping public opinion on infrastructure investment.