National Wealth Fund to unlock £70bn of private investment, boosting jobs

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, in turn, boosting employment opportunities.

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.