STORY
Trade unions, charities, environmental organisations and think tanks have called on the Government to increase the financial capacity of the National Wealth Fund. The coalition wants the fund to become a larger national development bank capable of supporting infrastructure, industry and regional investment.
The National Wealth Fund was established to use public money to attract private investment into major projects, with a target of securing £3 from private investors for every £1 committed by the taxpayer. Supporters of expansion said it could finance building improvements, reduce energy costs and create employment in areas requiring industrial investment.
The groups have also proposed giving the fund greater independence to raise money while remaining consistent with the Government’s fiscal rules. The Treasury said the National Wealth Fund had secured investments worth £3.9 billion and supported the creation of 11,500 jobs.