City Of London
UK Plans to Unveil Wealth Fund Structure at Global Investment Summit
- Chancellor Rachel Reeves to make final decision in a review
- Questions include leadership, role of other financing bodies
One big issue will be whether the wealth fund will sit above or alongside other government-owned bodies.
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The new Labour government under Prime Minister Keir Starmer is looking to firm up a structure for the UK’s National Wealth Fund in time for an investment summit planned for the autumn, in a bid to showcase the initiative to an international audience.
Questions to be resolved include the fund’s leadership and whether there will be a reorganization of the UK’s multiple publicly-owned financing bodies. The government has committed £7.3 billion ($9.7 billion) to the fund and wants to raise three times as much from the private sector as part of efforts to turbo-charge the $3.3 trillion local economy.