Commons Sense

House of Commons · Ministers' Questions

National Wealth Fund: Opportunities for Industry

Tuesday 17 December 2024 · 6 questions

Summarised by AI from the official record, so it can contain mistakes.

Read the full transcript on Parliament.uk

At a glance

Answered 0 Partly answered 6 Not answered 0

Key points

  • The national wealth fund is set up to support the UK's industrial strategy and economic growth through government-backed investment.
  • The minister discussed opportunities for Falmouth and surrounding areas to benefit from the national wealth fund's investments in local ports and supply chains.
  • The department is exploring tidal range projects in specific constituencies and is committed to renewable energy options that are economically viable.

Topics (select to filter)

Questions & Answers

Q1 Euan Stainbank Lab Falkirk
Economy Climate Business & Trade
Context

The questioner inquires about the potential industrial opportunities stemming from the national wealth fund.

Question

What discussions has he had with Cabinet colleagues on potential opportunities for industry under the national wealth fund?

Answer from Sarah Jones

The national wealth fund is delivering a key manifesto commitment to set up a Government-backed investor—in some ways like the sovereign wealth funds we see in other countries—that will support the UK's industrial strategy and economic growth. It will play a central role in our clean power mission by creating jobs in rapidly growing green industries.

Partly answered

Not addressed: Did not provide details of specific discussions or opportunities identified for industry.

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Q2 Jayne Kirkham Labour (Co-op) Truro and Falmouth
Climate Energy Business & Trade
Context

The questioner highlights the need for coordinated infrastructure development in coastal areas like Falmouth to support floating offshore wind.

Question

Given her concern about kick-starting floating offshore wind in the Celtic sea, will she confirm that she is working with the wealth fund on a strategy and speedy investment in local ports and supply chains?

Answer from Sarah Jones

My hon. Friend is a great champion for her area, and we have talked about the opportunities of Falmouth and the surrounding areas previously, and I am sure we will do so again. For too long, our coastal areas have lacked the jobs and opportunities they deserve, and we are determined to change that.

Partly answered

Not addressed: Did not confirm specific work being done with wealth fund or investment strategies for Falmouth.

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Q3 Lorraine Beavers Lab Blackpool North and Fleetwood
Climate Energy
Context

The questioner welcomes the Clean Power 2030 Action Plan and asks about steps to explore tidal range potential on the west coast.

Question

Given her welcome of the plan, she seeks details on how the Department is exploring the potential for tidal range projects in her constituency. She requests a meeting to discuss this further.

Answer from Sarah Jones

I would love to hear more, as I am sure would the Minister for Energy, my hon. Friend the Member for Rutherglen (Michael Shanks). We are committed to all forms of renewable energy if they are economical, which is why we ringfenced tidal in the latest contracts for difference auction.

Partly answered

Not addressed: Did not confirm exploration efforts or offer a meeting directly.

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Q4 Euan Stainbank Lab Falkirk
Transport Energy
Context

The questioner acknowledges the Government's action with Project Willow but expresses concern over the Grangemouth refinery closure and asks about potential support for its rapid conversion to a sustainable aviation fuel facility.

Question

With Petroineos set to close the Grangemouth refinery next year, what consideration has been given to using the role of the national wealth fund to support its rapid conversion into a sustainable aviation fuel facility?

Answer from Sarah Jones

I appreciate the uncertainty faced by people in my hon. Friend's constituency. We have Project Willow and the plan for the site's future. A joint committee, which I co-chair, has just been set up with the Department for Transport looking at sustainable aviation fuel and other options to fund and support that.

Partly answered

Not addressed: Did not provide details on national wealth fund's role or specific consideration for conversion.

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Q5 Gregory Campbell DUP East Londonderry
Economy Northern Ireland
Context

The questioner inquires about the Government's intentions to ensure national wealth fund benefits industries across all regions of the UK.

Question

Given the fund's title as the national wealth fund, what does she intend to do to ensure that industries across the nation will benefit from it?

Answer from Sarah Jones

The national wealth fund makes decisions on what it funds and what it does not, but our plan is for the whole country. For too long, this country has been held back in every corner, and the national wealth fund is a really important part of the future growth of this country in Northern Ireland and everywhere else.

Partly answered

Not addressed: Did not outline specific plans or intentions for nationwide benefits.

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Q6 Tim Farron Lib Dem Westmorland and Lonsdale
Climate Energy
Context

The questioner points out the UK's high tidal range potential and asks how the national wealth fund can ensure the development of projects like those in Morecambe Bay.

Question

Given that the UK has the highest tidal range after Canada, does she agree it is a tragedy to use so little for tidal energy due to up-front costs? Could GB Energy help with this?

Answer from Sarah Jones

The hon. Gentleman puts his finger on the problem. That is what vehicles such as the national wealth fund and GB Energy are looking to resolve. We are of course open to it, and we will do what we can.

Partly answered

Not addressed: Did not provide concrete support or plans for tidal energy projects.

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