Member

The noble Lord, Lord Vaux, posed some particularly interesting questions about the relationship with the National Wealth Fund. As Great British Energy scales up, we will set out how the two institutions will collaborate and complement each other. As he said, while it is being established we expect Great British Energy’s investment activity, set by its strategy, to be initially undertaken by the National Wealth Fund, but that would have to be done in line with the National Wealth Fund’s investment and operating principles. This will enable Great British Energy to invest quickly but draw on the National Wealth Fund’s experience and existing pipeline of projects. I also confirm that, while Great British Energy can undertake investment activity prior to the publication of the statement of strategic priorities, it would still be guided by the objects set out in this legislation as well as the systems of control and accountability over public spending, including the provisions of managing public money and the accountability of the principal accounting officer.