A Labour manifesto pledge, the national wealth fund has been in the works since March when business figures including former Bank of England governor Mark Carney and senior business executives were asked to form a taskforce.
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    The UK has launched a multi-billion pound national wealth fund to power green invest and infrastructure development in an effort to grow the economy.

    A task force, comprised of former governor of the Bank of England Mark Carney, Barclays chief executive CS Venkatakrishnan and Aviva CEO Amanda Blanc had been advising Labour on setting up such a fund since March.

    The UK’s national wealth fund will invest in and grow “new industries of the future”, the Treasury said, and encourage the private sector to put their money in too.

    NatWest boss Paul Thwaite said the fund has the potential to accelerate the green energy transition and “address some of the fundamental barriers that have existed to date”.

    Public investment is an urgent first step in boosting strategically important industries that have been neglected for the past 14 years," said the general secretary of the Trades Union Congress (TUC) Paul Nowak

    The government will move to bring forward legislation to give the fund statutory footing, “making it a permanent institution at the heart of the country’s long-term growth and prosperity”, the Treasury said.

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