Global Markets
Home›Global Markets›Europe›UK groups urge overhaul of national wealth fund ahead…
UK groups urge overhaul of national wealth fund ahead of budget
The National Wealth Fund, launched in July 2024, is designed to attract roughly £3 of private money for every £1 of taxpayer cash, the coalition says it should do more to rebalance the economy.
A coalition of UK unions, thinktanks, environmental groups and charities is urging the government to increase the financial firepower of the National Wealth Fund, arguing an overhaul would help channel more investment into Britain and support lower energy bills, industrial revitalization and job creation.
In a joint statement, groups including the TUC, Greenpeace, WWF and the New Economics Foundation called for transforming the NWF into a world leading national development bank capable of delivering the investment Britain needs, while saying the change would remain consistent with existing fiscal rules.
The NWF was launched in July 2024 with the goal of attracting billions of pounds of private sector money for large infrastructure projects, with schemes planned to involve a mix of funding where roughly £3 of private funds are sought for every £1 of taxpayer cash.
The push comes ahead of the Labour Party’s first conference since Andy Burnham became prime minister and as chancellor John Healey prepares his first budget, scheduled for 28 October.