The UK Government has announced the establishment of a National Wealth Fund to promote economic growth and attract private investment.
Chancellor Rachel Reeves and Business Secretary Jonathan Reynolds have instructed officials to align the UK Infrastructure Bank and the British Business Bank under this new fund, which aims to support emerging industries.
The announcement was made following a meeting of the National Wealth Fund Taskforce, led by the Green Finance Institute.
The National Wealth Fund aims to bring together key institutions to attract investors, boost private investment and benefit taxpayers.
An extra £7.3 billion will be injected into the UK Infrastructure Bank to kickstart investments in priority sectors and spur more private funding.
Meanwhile, reforms to the British Business Bank will allow it to tap into institutional capital, leveraging its track record in venture capital to attract substantial investments into green and growth industries across the UK.
Energy Security and Net Zero Secretary Ed Miliband said: “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.”
Mark Carney, former governor of the Bank of England, said: “The smart use of public investment via the National Wealth Fund can kick start economic growth and crowd in private capital to vital sectors including ports, heavy industry and manufacturing.”
Paul Thwaite, CEO NatWest Group, said: “The UK has led the way globally in reducing its carbon emissions in recent decades, but the next stage of the transition will require significant public and private investment.
“This is a major challenge and collaboration across not just the financing but also policy space is critical to deliver it in a way that supports economic growth across the UK.”
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