Reeves rebrands UK Infrastructure Bank into £27.8bn National Wealth Fund

Bid to boost nation’s investment

Chancellor Rachel Reeves is reforming the UK Infrastructure Bank into the rebranded National Wealth Fund (NWF) in order to help direct “tens of billions of pounds” of private investment into decarbonising the British economy.

In her closing speech at Labour's International Investment Summit yesterday (14 October), Reeves said the NWF will have £27.8bn at play to invest into "clean energy and growth industries". She is also working on legislation to bring infrastructure into the Fund's mandate permanently. Labour turns to 'kitchen sinking' ahead of Budget as it faces 'Herculean task' to revive growth In the Labour Party's manifesto, it committed to target a ratio of £3 of private funding for every £1 of government investment. At the Summit, Reeves said: "When we said we would end instability, make gro...