Britain’s finance minister Rachel Reeves said the National Wealth Fund would work with industry partners, including mayors, to deploy up to 27.8 billion pounds (US$36.2 billion) of capital
Britain’s finance minister Rachel Reeves said she would “catalyze” billions of pounds of investment into growth sectors, such as gigafactories, green hydrogen and carbon capture, through a new wealth fund and partnerships with pension funds.
The NWF, headquartered in Leeds, northern England, will have a broader mandate than just infrastructure, and will test “blended finance solutions” with private capital to allow government departments to take on additional risk, she said.The Labour Party, which came to power in July, promised in its manifesto to create a fund to spark growth and invest in clean energy projects, with a target to attract three pounds of private investment for every pound of public investment.
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