Policy paper

Statement of Strategic Priorities to the National Wealth Fund

The Chancellor has issued the Statement of Strategic Priorities to the National Wealth Fund, setting its strategic direction and priorities for this Parliament.

• From: HM Treasury
• Published: 19 March 2025

Documents

Statement of Strategic Priorities to the National Wealth Fund (PDF)

PDF, 97.6 KB, 7 pages

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Details

• The Statement of Strategic Priorities sets the Chancellor’s strategy for the National Wealth Fund to reflect the Government’s Plan for Change, unlocking billions of pounds of private investment into the UK.
• The strategic direction sets clean energy, advanced manufacturing, digital technologies, and transport as priority sectors for the National Wealth Fund. Money will be invested across the United Kingdom in projects like carbon capture, green hydrogen, gigafactories, green steel, and ports.  
• The Chancellor’s steer will help direct investment to the industries our defence sector relies on – advanced manufacturing and digital and dual-use technologies – working with industry to keep Britain safe and building on the Government’s commitment to increase spending on defence and national security to 2.5% of GDP from April 2027.   
• The National Wealth Fund’s economic capital limit will be increased from £4.5 billion to £7 billion, allowing it take on greater risk. This means it has more flexibility over its investments and can support more projects that struggle to access private finance.

Published 19 March 2025