The UK government is planning a National Wealth Fund to stimulate private sector
investment backed by £7.3 billion in funding through the UK Infrastructure Bank
(UKIB).
Chancellor Rachel Reeves and Business Secretary Jonathan Reynolds have instructed
officials to immediately begin work to create the new National Wealth Fund by
bringing together the work of the UK Infrastructure Bank and the British
Business Bank to unlock private sector investment to drive growth.
Under the plans, the National Wealth Fund will bring together key institutions
and will target investors in a bid to 'mobilise billions more in private
investment and generate a return for taxpayers'.
An additional £7.3 billion of funding will be allocated through the UKIB so
investments can start being made immediately focusing on priority sectors,
including green and growth industries, and catalysing private investment. This
funding is in addition to existing UKIB funding.
The Chancellor 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 the key institutions that will help unlock
investment in new and growing industries.
'Britain is open for business – and the work of change has begun.'
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