New National Wealth Fund launched

National Wealth Fund launched to attract billions in private sector investment

The Chancellor, Rachel Reeves, has revealed plans for a new National Wealth Fund aimed at attracting billions in private sector investment to support UK growth. The Labour Government has allocated £7.3bn in additional state funding for the investment plan, which will also include reforms to the state-owned British Business Bank. The funding will be used to target green and high-growth industries in the UK. Former Bank of England governor Mark Carney, Barclays CEO CS Venkatakrishnan, and Aviva CEO Amanda Blanc are part of the National Wealth Fund Taskforce. Carney stated that the National Wealth Fund can kick-start economic growth and attract private capital to vital sectors.