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National Wealth Fund Update

14 October 2024

Proposing MP
Rachel Reeves Lab
Leeds West and Pudsey
Type
Written Ministerial Statement
Department
Treasury
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TAGS
Taxation

At a Glance

Issue Summary

The statement announces the creation of the National Wealth Fund (NWF) to mobilise billions of pounds in investment in UK clean energy and growth industries.

Action Requested

The government is creating the NWF, turbocharging the UK Infrastructure Bank to operate as the 'National Wealth Fund', and setting a mandate for it to support delivery of the wider industrial strategy. The NWF will have a total capitalisation of £27.8bn, including an additional £5.8bn committed over this Parliament.

Key Facts

  • The National Wealth Fund (NWF) is being created as a new impact investor in the UK.
  • The NWF will mobilise billions of pounds of investment in clean energy and growth industries.
  • The NWF will have a total capitalisation of £27.8bn, including an additional £5.8bn committed over this Parliament.
  • The NWF's mandate extends beyond infrastructure to support the wider industrial strategy where there is an undersupply of private finance.
  • The British Business Bank’s financial framework will be reformed to increase its impact and flexibility.
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