Member

Can the Minister explain what the rules of engagement will be for GBE before the statement of strategic priorities has been published? My understanding is that, at least initially, GBE’s activities will be carried out on its behalf by the National Wealth Fund, previously known as the UK Infrastructure Bank. Presumably those activities will be subject to the framework document and the accountability and reporting regime that applies to the National Wealth Fund. Is that correct? At what point will GBE be able to invest in its own right? Can it invest before the statement of strategic priorities has been published? If it can, that investment would be subject only to the whim of the Government, and subject to no strategy or objectives and to no real accountability or transparency. I do not believe that that is acceptable.