HM Treasury sign on Whitehall

National Wealth Fund created

The government has announced that it is bringing financial institutions together under the new National Wealth Fund.

At the request of the Chancellor and Business Secretary Jonathan Reynolds, the creation of the National Wealth Fund will bring key institutions together to bring in billions of pounds worth of private investment whilst delivering a return for taxpayers.

Investments will be available to be made immediately thanks to £7.3 billion of additional funding from the UK Infrastructure Bank, with this focusing on priority sectors such as green and growth industries.

Chancellor Rachel Reeves said:

“This new government is getting on with the job of delivering economic growth. I have been clear that there is no time to waste.

“I have previously committed to establishing a National Wealth Fund. I am now going further by bringing together key institutions.

“We need to go further and faster if we are to fix the foundations of our economy to rebuild Britain and make every part of our country better off.

“That is why in less than a week we are establishing a new National Wealth Fund and bringing together key institutions that will help unlock investment in new and growing industries.”

Rachel Reeves quote

Alongside the creation of the fund, the Chancellor has requested that the Treasury engages with industry, government departments, and the national public finance organisations to begin detailed planning. Further details will be confirmed later in the year, however, financing and investment for infrastructure around the country will begin.

Ed Miliband, Secretary of State for Energy Security and Net Zero, added:

“Our Mission to make Britain a clean energy superpower is about investing in Britain. Our National Wealth Fund will help create thousands of jobs in the clean energy industries of the future to boost our energy independence and tackle climate change.

“We’re acting immediately, wasting no time and working in lock-step with industry to unleash private investment and grow our economy.”

The government has also announced that it will bring forward legislation to secure the National Wealth Fund in statute, ensuring that it will continue to be a permanent institution that drives growth and prosperity around the country.

 

Image credit: iStock

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