In her final speech at the International Investment Summit last week, Chancellor Rachel Reeves announced two major initiatives aimed at driving long-term investment in the UK. These moves are designed to create more high-skilled jobs and support growing industries across the country.
New National Wealth Fund
Reeves revealed that the UK Infrastructure Bank will now operate as the National Wealth Fund (NWF).
With a budget of £27.8 billion, the NWF will focus on attracting private investment into key sectors like clean energy, green hydrogen, and carbon capture. The goal is to accelerate the UK's transition to a greener economy while creating jobs and growth opportunities.
British Growth Partnership
The Chancellor also introduced the British Growth Partnership as part of the British Business Bank (BBB).
This initiative aims to create a new way for BBB and institutional investors to invest together in innovative companies. The BBB plans to start investing through this programme by the end of 2025.
What it means for businesses
These new bodies could bring fresh funding opportunities for businesses. However, with timelines stretching into 2025, it might take a little time before investments start flowing. Businesses should stay informed as these initiatives develop.
For more info see: https://www.gov.uk/government/news/chancellor-announces-new-plans-to-secure-uk-investment