Rachel Reeves Initiates £7.3 Billion National Wealth Fund: A Comprehensive Overview
Rachel Reeves Initiates £7.3...
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Rachel Reeves Initiates £7.3 Billion National Wealth Fund: A Comprehensive Overview

9 July 2024
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2 min.
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Rachel Reeves Initiates £7.3 Billion National Wealth Fund: A Comprehensive Overview

UK’s Path to Prosperity

In a bold move to bolster UK infrastructure projects, Chancellor Rachel Reeves is launching a £7.3bn National Wealth Fund (NWF). The fund is designed to draw private investment, aiming for a £3 private to £1 public investment ratio.

The NWF, under the stewardship of Reeves, will serve as a beacon for UK investors. The fund’s management will be handled by the UK Infrastructure Bank and the British Business Bank, a fact announced during a meeting with City executives.

Over the past several months, the Labour party has been diligently crafting the NWF. A taskforce was assembled in March to fine-tune its implementation, making it a cornerstone of the party’s manifesto in the recent election.

The National Wealth Fund (NWF) and GB Energy, two leading public entities in the UK, are poised to transform the green energy landscape. GB Energy is dedicated to producing low-carbon energy, while the NWF is strategically investing in vital infrastructure such as ports, gigafactories, clean steel, carbon capture, and green hydrogen. Soon to gain official recognition under UK law, the NWF is set to become a cornerstone of the nation's economic future. Stay tuned for more insights, which will be unveiled at the forthcoming international investment summit.

Reeves said: “I think for the first time in a long time investors will look at Britain and say it’s a country with a stable government. It’s got a clear plan, but clear mandate in the election. And that’s different from some other countries around the world today.”

Business and Trade Secretary, Jonathan Reynolds, engaged with UK business leaders to discuss crucial priorities. These encompass industrial strategy, support for small businesses, trade relations, British exports, and fair pay. He reassured that decarbonisation does not equate to deindustrialisation, with Sarah Jones poised to play a pivotal role in this agenda.

Business leaders voiced their interest in enhancing their interaction with Whitehall, boosting exports, and recognizing the significance of digitalisation. Reynolds pledged to be the most approachable business secretary, announcing the imminent launch of a dedicated email address for direct communication.

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