The Chancellor has unveiled a new strategy for the National Wealth Fund, aiming to unlock over £70bn in private investment to boost economic growth, energy security, and defence.
The fund will now focus on clean energy, advanced manufacturing, digital technologies, and transport.
This includes projects like carbon capture and green hydrogen.
The fund’s economic capital limit has been raised from £4.5bn to £7bn to support projects with higher risk and those that struggle to access private finance.
Chancellor Rachel Reeves (pictured) said: “My number one mission is kickstarting economic growth through our Plan for Change to make Great Britain a stronger, more resilient country and put more money into the pockets of working people.
“I am determined to go further and faster to get our economy growing.
“By directing tens of billions of pounds into the UK’s industrial strengths, we’ll deliver the high-skilled, high-paid jobs of the future in every corner of the country.”
Since last July, the National Wealth Fund has facilitated the creation of 9,900 jobs and attracted nearly £1.8bn in private investment in sectors like green energy and technology.
Recent investments include £55m for EV charging network expansion with Connected Kerb and £28.6m into Cornish Metals.
Additionally, the Government has launched the search for a new CEO for the fund, with John Flint stepping down after overseeing its transition from the UK Infrastructure Bank.
A new UK Strategic Public Investment Forum will be established, involving top policymakers and public financial institutions, ensuring investments deliver maximum impact.
Secretary of State for Energy Security and Net Zero Ed Miliband, said: “Clean power is the economic opportunity of the 21st century – and through the National Wealth Fund we will seize this opportunity to invest in British industries and workers.
“We are delivering our clean energy superpower mission to make our country energy secure and deliver the good jobs that the British people deserve.”
