Chancellor Launches £7 Billion National Wealth Fund to Attract Green Investment

Published on July 10, 2024

The chancellor has announced plans for a new National Wealth Fund designed to attract billions of pounds in private sector investment in industries such as green steel and decarbonisation. The new Labour government’s flagship project has access to £7.3 billion in additional state funding to support the investment plan. Chancellor Rachel Reeves and Business Secretary Jonathan Reynolds said on Wednesday they have instructed officials to begin work to align the UK Infrastructure Bank and the British Business Bank under a new National Wealth Fund. However, one former World Bank adviser has criticised the plans as “industrial subsidies, in this case, for green activities.”...

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