CHANCELLOR ANNOUNCES NATIONAL WEALTH FUND AT INVESTMENT SUMMIT – Set to deploy up to 27.8 billion pounds of capital
Chancellor Rachel Reeves said she would “catalyse” billions of pounds of investment into growth sectors, such as giga-factories, green hydrogen and carbon capture, through a new wealth fund and partnerships with pension funds. Reeves said the National Wealth Fund (NWF), based on the existing UK Infrastructure Bank, would work with industry partners, including mayors, to deploy up to 27.8 billion pounds of capital.
Reeves also announced a new partnership that could boost pension fund investment in UK companies.
The announcements came as Reeves drew Britain’s International Investment Summit to a close.
“The decisions which lie ahead of us will not always be easy. But by taking the right choices to grow our economy and drive investment we will create good jobs and new opportunities across every part of the country,” Reeves said, adding the tax system would support wealth creation.
