Tag: National Wealth Fund

Chancellor’s National Wealth Fund ‘fuels 8,600 jobs in six months’

  • 8,600 jobs fuelled across the UK by the Chancellor’s National Wealth Fund since July, with almost £1.6 billion of private investment unlocked, delivering on the Plan for Change.
  • Jobs and investment spread across UK’s growth sectors from clean energy to digital infrastructure, driving government’s number one mission to grow the economy
  • New deal also announced today for North Wales with £92 million committed to support crucial improvements to coastal flood defence barriers protecting business and homes.

Thousands of jobs have been fuelled by the Chancellor’s National Wealth Fund in the last six months, with almost £1.6 billion of investment unlocked, driving growth across all corners of the UK.

The Chancellor began work just days into office to establish a new National Wealth Fund (NWF) that would invest in the new industries of the future to create good jobs and opportunity across every part of the country. With £27.8 billion of firepower, the NWF will help drive the government’s Plan for Change and turbocharge growth across the country to raise living standards in every part of the United Kingdom.

The jobs that have been created will support the digital and clean energy sectors, including 6,500 expected to be created in the retrofit sector across the UK, with the NWF providing a financial guarantee that will see Lloyds and Barclays deliver £1 billion of funding to deliver improvements such as low carbon heating and insulation in social housing.

New figures reveal almost £1.6 billion of private investment has been leveraged into projects across the UK’s clean energy and growth sectors over the past six months. This includes to support faster broadband connections for thousands of businesses and households in Cornwall, Yorkshire, Lincolnshire and Cumbria, fuelling economic growth.

Millions of pounds have also been committed to help West Suffolk Council to decarbonise its buildings and transition its fleet to electric vehicles, alongside supporting the expansion of a successful rooftop solar scheme.

This innovative investment model has the potential to be replicated by other local authorities and means more businesses can benefit from low cost, low carbon electricity, supporting local businesses and the growth of the clean energy sector.

It comes as today, the NWF announces a loan of £92 million to support Denbighshire County Council’s crucial improvements to coastal flood defence barriers in Denbighshire, North Wales, protecting businesses and homes against the devastating impact of flooding, creating jobs and growth in the construction industry.

Chief Secretary to the Treasury Darren Jones said: “Growth is our national mission, and the cornerstone of our Plan for Change that will improve living standards and put more money in people’s pockets.

“And the National Wealth Fund is playing a vital part in delivering economic growth, securing over a billion of private investment since July in industries that turbocharge growth in our economy and create good quality jobs across the UK”.

The Chancellor announced in October how the NWF would drive long-term investment in Britain, working hand in hand with business to create new high skilled jobs right across the UK, helping make people better off.

To mobilise investment at pace, the NWF will expand on the UK Infrastructure Bank’s offer including additional financial instruments so it is more catalytic and will take on more risk to have a greater impact:

  • The NWF has more capital with £27.8 billion – inheriting UKIB’s £22 billion and having an additional £5.8 billion.
  • It has a renewed focus to support the delivery of the wider industrial strategy, and the Government’s clean energy and growth missions. At least £5.8bn of the NWF’s capital will focus on the five sectors announced in the manifesto: green hydrogen, carbon capture, ports, gigafactories and green steel.
  • The NWF will have increased resources and focus on conducting more outreach to identify expanded project pipelines and structure innovative transactions.
    It will have a strong regional mandate to unleash the full potential of our cities and regions.

Westminster Government: How we’re ‘fixing the foundations’

We want to create wealth everywhere, but first we must fix the foundations of our country.

In the first few weeks of this Government, an audit found a £22 billion black hole in the public finances. It means we’ve had to take tough decisions, like means-testing the Winter Fuel Payment. Our Budget in October will be difficult.

But we have already taken action to improve the lives of working people in every corner of the country, from unlocking planning decisions to help build 1.5 million new homes to setting up Great British Energy, to create good jobs and provide clean energy to cut people’s bills in the long term.

Here are some of the things we are doing to fix the foundations of this country.

Setting up a new National Wealth Fund 

Growth is the number one priority of this government. That’s why we set up the National Wealth Fund. 

It is a publicly owned investment fund that will help attract investment into our country, stabilise our economy and create wealth for future generations.  

It will help unlock private investment into the UK by directly investing in new and growing industries, and help create thousands of jobs in clean energy industries.  

Accelerating housing planning 

We’re overhauling our housing system to meet the needs of working people and put communities first.  

Our plan will include introducing mandatory planning targets to aim to deliver on our ambition to build 1.5 million new homes over the next five years.  

The new targets will boost housebuilding in areas most in need, to help more people buy their own homes, and help drive growth – making everyone in the country better off. 

Putting passengers first  We’ll put our rail system back on track with new laws to deliver for passengers.  

They will improve the railways by reforming rail franchising, establishing Great British Railways and bringing train operators into public ownership. 

Protecting taxpayer money 

We’ll introduce legislation that makes sure nobody can play fast and loose with public finances. 

A new Bill will strengthen the role of the Office of Budget Responsibility, meaning significant fiscal announcements must be properly scrutinised and that taxpayers’ money is respected. 

Protecting workers’ rights  

We’ll improve workers’ rights with new legislation – a significant step towards delivering this Government’s plan to make work pay. 

We will ban exploitative zero-hours contracts, end fire and rehire, and introduce basic employment rights from day one.  

And we’re changing the way the Minimum Wage is set so it keeps in line with the cost of living, in a move to put more money in working people’s pockets. 

Launching GB Energy  

Producing clean energy and creating good jobs will be our focus for the rest of the year. Great British Energy, a publicly owned, clean-energy company, will own, manage and operate clean power projects, such as wind farms, across the country.

 Great British Energy will be headquartered in Scotland and paid for by a windfall tax on oil and gas giants. It will invest clean power projects across the United Kingdom, such as wind farms, which are the cheapest forms of electricity generation to build and operate.  

This will help make our country energy independent, tackle climate change and save families money. And investing in clean domestic power will create jobs and build supply chains in every corner of the UK.