BRITAIN LAUNCHES NEW NATIONAL WEALTH FUND BUT WILL IT GENERATE NET PRIVATE INVESTMENT?
October 26th, 2024
Britain’s new Labour government has launched a National Wealth Fund (NWF), making good on a manifesto promise, although the new institution is – as the Treasury has admitted, a supercharged UK Infrastructure Bank (UKIB), not a new institution.
Rather, Chancellor Rachel Reeves announced on October 14 that UKIB would become the NWF, with the same board, chair and CEO – John Flint, the former CEO of HSBC.
It will retain the GBP22 billion (USD28.7 billion) capitalisation of the UKIB, with an additional GBP5.8 billion pledged during the current parliament (to ...
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