Tag: Treasury

The press release issued by HM Treasury on 20 October 2025.

Billions will be unlocked to build affordable homes, power communities and connect the countryside, as the Chancellor joins forces with pension providers and insurers to drive growth in every region.

• 20 of Britain’s largest pension providers and insurers set to launch Sterling 20 group at first-ever Regional Investment Summit on Tuesday. 
• Investment drive kicks off with Legal & General (L&G) and Nest committing billions to build more affordable housing, improve broadband connections in rural areas and provide scale-up finance for growing businesses. 
• Chancellor set to meet providers and Australia’s biggest fund in Birmingham as government ramps up efforts to drive regional growth and put more money into people’s pockets through the Plan for Change.

The Sterling 20 – a new investor-led partnership between 20 of the UK’s largest pension funds and insurers – will be established at the Regional Investment Summit in Birmingham on Tuesday, working with the government and City of London Corporation to channel the nation’s savings into key infrastructure and fast growing businesses in key modern Industrial Strategy sectors like AI and fintech. 

L&G have kicked off this investment drive with a £2 billion commitment by 2030, delivering around 10,000 more affordable homes for hardworking families and supporting the creation of 24,000 jobs nationwide.  

Nest, who represent a third of the UK workforce, will also provide Schroders Capital with £500 million – of which £100 million is expected to be channelled into UK investments in the coming years. In addition, Nest will invest £40 million to deliver gigabit-capable fibre broadcast to remote areas in Scotland and Norther England – delivering high-speed reliable broadband to rural homes and businesses in hard-to-reach communities. 

Chancellor of the Exchequer Rachel Reeves said:   

This is about getting Britain building again – bringing our savings, our investors and our regions together to deliver the homes, infrastructure and industries that will drive growth and create good jobs in every corner of the country.   

Our country’s pension funds are some of the biggest in the world. When they invest in Britain, everyone benefits – from the construction worker on site, to the small business on the high street, to the saver seeing their pension grow. Sterling 20 shows what can be achieved when we all pull in the same direction to build a stronger economy that works for, and rewards, working people. 

António Simões, Group Chief Executive, Legal & General, said:  

As a long-term investor in the UK economy, L&G has a proud history of using pension capital to develop assets that deliver strong financial returns and lasting social impact. Our £2 billion commitment, targeted at housing, infrastructure, and urban regeneration, will help unlock the investment needed in productive assets across the country – creating jobs, strengthening communities, and driving both regional and national growth. 

Ian Cornelius, CEO of Nest, said:

Every decision we make puts our members and their long-term outcomes first. We believe private assets can play a key role in delivering strong, consistent returns for them.  

That’s why the UK, with its exceptional investment opportunities, is a cornerstone of our strategy. From major infrastructure projects to ambitious small businesses, our investments are helping support economic growth across the country. We have already committed around £4 billion to UK private markets, and by 2030 we expect this to rise to around £12 billion. A strong pipeline of opportunities will be essential to realising this growth for the benefit of our members and the UK economy. 

Alastair King, Lord Mayor of London, said:   

The Mansion House Accord marked a pivotal step in pension investment reform – building on the foundations of the Mansion House Compact and signalling a clear industry commitment to channel investment directly into UK growth. 

This next stage transforms commitment into deployment by uniting the UK’s leading investors around a shared vision and coordinated strategy with government. British enterprise, from AI to renewable energy and infrastructure, is primed for investment. The Mansion House Accord signatories have stated their intent to deliver on the Accord’s promise to give British savers a meaningful stake in Britain’s growth while increasing returns.

The Regional Investment Summit will also see the AustralianSuper, Australia’s largest pension fund and 17th largest in the world, increase its investment into the UK housing market.   

The fund will meet with the Chancellor at the Regional Investment Summit, as the Government seeks to reinforce the UK as an attractive investment destination for the billions of pounds it will deploy outside of Australia in the coming years. Ahead of this, AustralianSuper has announced a new UK living investment platform dedicated to investment in rental homes as part of its ambition to invest £8 billion of new capital into the UK over the next five years 

Damian Moloney, Deputy Chief Investment Officer at AustralianSuper:  

The Superannuation Mission offers a valuable opportunity to share insights, deepen collaboration and build on the strong investment ties that exist between Australia and the UK. 

As the launch of our new £500m UK Living Platform demonstrates, AustralianSuper continues to view the UK as a key global investment destination. With the Fund on track to grow its UK assets to £18 billion by 2030, we look forward to further facilitating investment between the two countries for the benefit of members.” 

Minister for Pensions Torsten Bell said:

Our pensions system is one of the UK’s great strengths. We’re stepping up the pace of pension reform to support not just British pension savers but the British economy, supporting investment to deliver the growth of communities up and down the country.” 

Tom Pearce, Chief Executive Officer, Rothesay said:

The Sterling 20 is a fantastic initiative which will enable the UK’s largest asset owners to deploy capital more effectively into the critical infrastructure and national priorities which are so vital to our economic growth. As the UK’s largest specialist pensions insurer, Rothesay invests at scale across the country and we are committed to working with the government to deliver the innovative solutions which will unlock even greater volumes of domestic investment from our sector.

Andrea Rossi, CEO of M&G Plc, said:

“UK pension providers have a great opportunity to drive economic growth and give savers the returns they need for retirement. The Sterling 20 Group offers a powerful platform for institutional investors to shape the country’s future from long-term investment in housing, infrastructure or strategic national projects. As a UK-listed savings and investment company investing £100 billion domestically, we are proud to be playing our part.

Andy Briggs, CEO, Phoenix Group, said:

Through the Sterling 20 we are helping to unlock billions in long-term investment that will support communities, build critical regional infrastructure, and fuel innovation across the UK. This is about putting our customers’ savings to work in ways that grow their pensions and grow the economy. This landmark initiative brings together the scale and strength of the UK’s pension and insurance sector to invest in Britain’s future.

The formation of the Sterling 20 comes as pension providers ramp up their investment in Britain. It builds on July’s Mansion House Accord, which saw 17 providers representing 90% of active defined contribution scheme savers, commit to invest at least 5% of their main default funds in UK private markets. This commitment will unlock over £25 billion for new UK housing infrastructure and high-growth industries.  

All 17 signatories of the Accord, alongside annuity providers Rothesay and PIC, and the Pension Protection Fund have signed up to form the Sterling 20. 

Working with the Office for Investment, the Sterling 20 and Australian Superannuation Scheme – who manage a combined £5 trillion in assets – driving growth, creating jobs and putting more money in people’s pockets. Even a small shift towards investing in UK infrastructure would unlock billions. 

The Office for Investment’s unique position as a bridge between government, investors and local leaders will allow it to match transformational investment opportunities with capital. It will leverage its visibility across the UK landscape to create a pipeline of opportunities that meet the Sterling 20 and Australian Superannuation Scheme’s investment ambitions and drive growth in every region of the country.

Further information

• The members of the Sterling 20 are: Aegon; Aon; Aviva; L&G; LifeSight by WTW; Mercer; M&G; NatWest Cushon; Nest Corporation; NOW Pensions; People’s Partnership; Phoenix Group; Royal London; Smart Pension; SEI; TPT; USS – Universities Superannuation Scheme; Rothesay; PIC – Pension Insurance Corporation; PPF – Pension Protection Fund. 
• The Mansion House Accord is a voluntary pledge by seventeen of the UK’s largest workplace pension providers. Jointly led by the ABI, Pensions UK and the City of London Corporation with the support of the government, signatories agreed to allocate 10% of default defined contribution pension funds into private markets, with 5% committed to the UK.
• The Mansion House Compact is a voluntary pledge by 11 defined contribution pension providers to allocate at least 5% of default funds to unlisted equities by 2030. For providers signed up to the Accord and Compact, progress under the Compact counts towards meeting the Accord’s goals.

The press release issued by HM Treasury on 19 October 2025.

• Greater Manchester, West Midlands and Glasgow City Region backed to the tune of £50 million each to support local innovation priorities from life-saving medicines to clean fuels that can cut bills
• Further life sciences investment in state-of-the-art West Midlands facilities to create jobs and boost Britain’s health resilience, with valuable medicines made on home shores
• Comes ahead of Chancellor’s landmark Regional Investment Summit bringing businesses and governments together to turbocharge our economy as part of our Plan for Change.

New cash boosts of £20 million each for Greater Manchester, West Midlands and Glasgow City Region will help to deliver more of the regions’ game-changing local innovations like robotics to unlock new medicines or AI that can spot illnesses earlier, the Science and Technology Secretary has announced today (Sunday 19 October), ahead of this Tuesday’s landmark Regional Investment Summit in Birmingham.

The funding package will give local leaders in these 3 areas access to a total of £50 million each to fund innovations in science and technology in their local areas, like the next lifesaving medicine or cheaper fuels that can keep bills down.

The new funding for 3 regions is the latest commitment from the government’s £500 million Local Innovation Partnerships Fund (LIPF) and builds on the initial £30 million earmarked for each place in June’s Spending Review, along with 7 others across the UK, including Cardiff City Region, Belfast-Derry/Londonderry and West Yorkshire.

We are also inviting further bids of up to £20 million from high potential innovation clusters in all other regions of the UK. This will support local leaders to invest in local innovation strengths – from advanced manufacturing and life sciences to digital technologies and clean energy – and in turn back our Industrial Strategy to boost jobs.

Taken together, this month’s bumper LIPF funding package will back teams across the country to scale-up and drive forward more discoveries, recognising the benefits they bring to people’s everyday lives – from keeping us healthy, to reducing delays on our commute, to building a greener planet with cheaper bills.

This additional funding will enable more spinouts like Chemify in Glasgow, which was backed by government funding, to help create the world’s first ‘Chemputation’ facility – merging AI-powered molecular‑design engines with industrial robotics to speed up discovery of medicines and materials.

Elsewhere, regional funding has boosted Greater Manchester’s growth into a global AI hub, connecting university technical expertise to start-ups and SMEs so they can turn early-stage ideas into viable products – from tech which can predict disease progression earlier to work on net zero innovations to decarbonise buildings.

And in the West Midlands, the additional funding could enable more projects like Biochar CleanTech, taking organic residues like sawdust or fallen trees and converting them into usable low‑carbon products.

The projects launched under the predecessor Innovation Accelerators programme has delivered more than £140 million of private investment and hundreds of jobs, creating more opportunities for people to get on.

This comes ahead of the Regional Investment Summit which will bring together business leaders, major investors, policymakers, regulators, regional mayors and other local leaders to showcase the breadth and depth of opportunities to invest, expand and create jobs right across our nations and regions.

Ahead of the Summit, the Chancellor has pledged that no region will be locked out of the investment, jobs and growth being delivered as part of the government’s Plan for Change.

Science and Technology Secretary Liz Kendall said:

The UK is blessed with incredible science and tech talent behind everything from life-saving vaccines to cleaner fuels that could cut bills in the years to come, improving the lives of people up and down the country.

These prized sectors are also major drivers of economic growth in local communities. By backing those with the knowledge to home in on local strengths and supporting valued businesses in building the facilities that can set our country apart, we can lead the next generation of life-changing discoveries.

This government’s message ahead of this landmark Regional Investment Summit is loud and clear – the UK is open for business.

Chancellor Rachel Reeves said:

The world’s brightest talents and most innovative businesses can be found in every corner of the UK, but years of chronic underinvestment have held them back.

Not anymore. We are putting a stop to this unfairness by investing in every part of the country. From Glasgow to Birmingham, we are fuelling innovation through our Plan for Change, delivering skilled jobs, and building an economy that works for, and rewards working people.

Mayor of Greater Manchester, Andy Burnham, said:

Greater Manchester has an extensive innovation ecosystem, with outstanding sector strengths in areas like advanced materials, life sciences and AI, and world-leading companies, universities and research institutions. This additional funding is a welcome boost that will help us unlock the potential of our growth-driving sectors and build on our outstanding productivity growth in recent years.

In piloting the Innovation Accelerator we were able to use local knowledge and understanding to translate research and development funding into business growth, new jobs and private sector investment. We look forward to using the Local Innovation Partnerships Fund to make an even bigger impact.

To further support innovative growth in the regions, the government is also announcing the first 2 investments to be delivered through round one of the Life Sciences Innovative Manufacturing Fund (LSIMF), which is set to unlock over £30 million in joint public-private investment.

Medicines manufacturer Sterling Pharmaceuticals is investing in a 60,000 sq ft state-of-the-art new manufacturing and R&D centre in Birmingham. Medtech company Biocomposites, meanwhile, is bringing forward a new manufacturing facility at Keele. Besides creating and safeguarding dozens of high-skilled jobs, these facilities will ensure that valuable medicines are made here in the UK, bolstering the country’s resilience to health emergencies.

Backed by major corporations including Eon, Lloyds, KPMG, HSBC and IBM, the Regional Investment Summit will be co-hosted by the Chancellor, the Business and Trade Secretary, and West Midlands Mayor Richard Parker, with business leaders, international investors, and policymakers from home and abroad in attendance.

Notes to editors

The expression of interest for the competition opened on 6 October, and UKRI published further guidance to help potential applicants prepare.

Up to £520 million is being made available through LSIMF over the next 5 years, with further investments to be announced in due course.

Ten regions across the UK have already received backing through the Local Innovation Partnerships Fund. These include 7 innovation hubs in England such as Greater Manchester, West Midlands, and West Yorkshire, alongside Glasgow City Region in Scotland, Cardiff Capital Region in Wales, and an innovation corridor linking Belfast and Derry-Londonderry in Northern Ireland. Each of these areas has been earmarked for at least £30 million to invest in their regional innovation strengths.

The press release issued by HM Treasury on 17 October 2025.

The Chancellor of the Exchequer, Rachel Reeves, has confirmed the appointment of Dex Hunter-Torricke as a Non-Executive Board Member (NEBM) at HM Treasury, as well as the extension of Jane Hanson CBE’s term as an existing Non-Executive Board Member.

Dex Hunter-Torricke, an accomplished communications professional with expertise in artificial intelligence, regulation, geopolitics, and the future of work, has been appointed to further strengthen the board’s expertise.

Jane Hanson CBE tenure extended until 31 December 2025.

Non-Executive Directors oversee the Treasury’s work and offer challenge and advice to the Department to support decision making.

Dex commenced his term on 1 October 2025 and will serve an initial three-year tenure.

Dex Hunter-Torricke, most recently Head of Global Communications & Marketing at Google DeepMind, is an experienced advisor and accomplished public speaker on AI, regulation, geopolitics, communications, and the future of work. He has previously held senior leadership roles at Meta Oversight Board, Brunswick Group, SpaceX and Facebook.

Jane Hanson CBE will step down as NEBM at the conclusion of her term, which has been extended to 31 December 2025.

The Permanent Secretary, James Bowler, said:

I am pleased to confirm the appointment of Dex Hunter-Torricke, whose extensive expertise in AI and fresh perspective will be a valuable addition to the Treasury boards.

I would also like to express my sincere gratitude to Jane for her significant contribution and dedication throughout her tenure. I am pleased that she has agreed to remain with us until the end of the year, ensuring a smooth and orderly transition for our incoming Non-Executive Board members.

About the appointment process

Dex Hunter-Torricke was appointed by the Chancellor following a fair and open recruitment process run by HM Treasury.

Appointments to the HMT Board are regulated by the Office of the Commissioner for Public Appointments. Dex Hunter-Torricke and Jane Hanson CBE have not engaged in any political activity in the last five years.

The Treasury is committed to appointing a diverse range of people to public appointments and continues to take active steps to attract the broadest range of suitable applicants for posts.

The press release issued by HM Treasury on 17 October 2025.

The Chancellor has launched a new one-stop support service to make the UK more attractive to global investors and create jobs and opportunities for working people across the UK.

• One-stop shop to cut red tape and remove barriers for global firms investing in UK financial services
• Partnership between Treasury, regulators and City of London to deliver growth for working people
• Targets high-value job creation in every region – from Leeds to Liverpool, Belfast to Bristol

The new ‘concierge’ service will help global financial services firms pick locations, navigate regulation and get to grips with the Britain’s business environment – removing barriers to investment in the UK.

The Chancellor Rachel Reeves announced the fully operational Office for Investment: Financial Services during the IMF’s Annual Meetings in Washington DC.  

The free service, delivered by the Office for Investment, is a partnership between HM Treasury, financial regulators and the City of London Corporation and delivers on commitments made in Reeves’ Mansion House speech to reduce regulatory uncertainty and make Britain the best place in the world to invest and do business.

Chancellor Rachel Reeves said:

We said we would make it easier to create jobs and grow a business in our country and we’re delivering.

This service will drive investment across our United Kingdom, making sure that the world’s most innovative businesses can access the talent found in every corner of our country and that working people feel better off.

Financial services employ 1.2 million people across the UK, with more than half of those jobs located outside London. The Chancellor’s Leeds Reforms outlined her vision to strengthen Britain’s position as a global financial hub, and overseas investment – particularly from the US – helps deliver on the government’s plan for national renewal.

The Office for Investment: Financial Services will draw on the strengths of our financial services clusters – from Leeds to Liverpool and Belfast to Bristol – to actively promote actively promote investment opportunities and help deliver the infrastructure that matters to working people across all of the UK’s nations and regions.

These deeper financial services links between the UK-US come after an historic State Visit, which renewed the special relationship between the two countries for a new era.

A record £150 billion of inward investment from US companies was secured, creating more than 7,600 high-quality jobs across the UK in places like Glasgow, Warrington and the Midlands. The first ever UK-US tech agreement was also signed, focused on developing technologies which will drive growth like AI, quantum and nuclear.

The press release issued by HM Treasury on 15 October 2025.

New roads, reservoirs, airports, and railways held up by lengthy legal challenges will be completed more quickly under new proposals announced by the Chancellor today (15 October), fast-tracking national renewal.

• Major infrastructure projects gummed up in the courts by legal challenges set to be unblocked by new proposals to cut court time by around half a year.
• Lengthy judicial reviews have left over 30 infrastructure projects since 2008, like the Norfolk Offshore Windfarm and A38 Derby junction improvements, in limbo, stunting economic growth and taking up thousands of court working days.
• Announcement comes as amendments to strengthen the government’s Planning and Infrastructure Bill are tabled to get Britain building and growing.

Backing the builders not the blockers, the government will work with the judiciary to cut the amount of time it takes for a judicial review to move through the court system for nationally critical infrastructure projects by around half a year, like Sizewell C. The project, that will deliver clean power to the equivalent of six million homes and support 10,000 jobs at peak construction, was delayed by two judicial reviews, both of which were dismissed by the courts.

Judicial reviews can currently take well over a year to be resolved and have seen some major projects essential for kickstarting economic growth left in limbo. In many cases they go over budget by millions and put thousands of new jobs, energy security for millions of homes and greater transport links for communities on ice. Of the 34 infrastructure projects that faced judicial reviews since 2008, just four were upheld.

The Norfolk Offshore Windfarm judicial review took two years, causing delays to the delivery of energy to the equivalent of more than 1.3 million homes and the A38 Derby junction improvements were delayed for over a year holding up much needed investment in local transport connections. Major road projects are paying up to £121 million per scheme due to delays in legal proceedings, with the cost of workers’ wages, legal fees and weakened investor confidence fuelling overspend.

Chancellor of the Exchequer, Rachel Reeves, said:

The previous government sided with the blockers, who held our economy to ransom for too long, abusing the lengthy judicial review process to delay critical national infrastructure projects and holding back economic growth.

Our planning reforms are set to benefit the economy by up to £7.5 billion over the next ten years, so whether through reducing the length of the judicial review process, tearing up burdensome regulations, or streamlining planning permissions with AI, we want to go further still by backing the builders not the blockers and deliver national renewal by getting Britain building.

Housing Secretary, Steve Reed, said:

Serial objectors have held Britain’s future to ransom while families struggle to find affordable homes and businesses wait years for vital infrastructure. We can’t let frivolous legal challenges gum up the courts and grind our economy to a halt.

Just four out of 34 judicial reviews since 2008 were actually upheld. It’s clear the system is being abused by those who want to stop progress at any cost. We’re backing the builders, not the blockers, and getting Britain building again.

As the Budget approaches, the Chancellor will be spearheading a cross-government drive to kickstart the economy through a series of pro-growth announcements, including a new wave of planning reforms to get Britain building, providing the homes, infrastructure, and jobs the economy needs to grow and boost living standards.

In addition to this week’s amendments, the Chancellor is committed to going further and faster on breaking down barriers in the planning system, building on progress already made, with a record 21 decisions made on major infrastructure projects in the first year of this government.

These include greenlighting of the Lower Thames Crossing, the Rampion 2 Offshore Wind Farm off the Sussex coast and the Simister Island development outside Bury – projects that boost connectivity, energy supply and create jobs, essential for kickstarting economic growth that people can feel in their daily lives.

Katy Dowding, President and CEO Skanska UK said:

I welcome this announcement to curb the delays to major infrastructure delivery – it is a crucial step in enabling construction as a key driver for economic growth.  I encourage government to continue ‘back the Builders’ and work closely with industry to consider how to unblock other issues that equally hamper infrastructure delivery so we can get Britain building again.

Chris Ball, President, UK & Ireland, AtkinsRéalis said:

Critical infrastructure is the lifeblood of the economy: it powers homes and businesses, moves people to places and goods to markets, creates capacity for new homes and industrial zones and enables sustainable, resilient growth.

The faster these projects move into delivery, the sooner their economic impact can be felt locally and through the jobs and investment in supply chains across the country. We welcome efforts to remove systemic barriers to delivery and streamline the system by fast-tracking projects whilst also taking careful account of the impact on nature and ensuring that local communities continue to have a vital role within the decision-making process.

Stephen Beechey, Group Public Sector Director, Wates Group said:

At Wates, we support the government’s efforts to remove delays that obstruct the delivery of critical social infrastructure. The proposed judicial review reforms are a vital step toward ensuring that essential projects, such as new prisons, schools and hospitals, can proceed without unnecessary hold-ups. Every month of delay adds cost to the taxpayer and slows down the provision of vital public services. By streamlining the process, these measures will help us build faster, plan better, and deliver the facilities our communities urgently need.

Richard Whitehead, AECOM’s regional CEO for Europe & India, said:

The government faces urgent challenges in delivering infrastructure fast enough to meet the ambitions outlined in the infrastructure strategy and drive growth. Speeding up project delivery will be a key element to ensuring the highest return on the planned infrastructure pipeline. This approach has other benefits, namely it can be applied across sectors and play a critical role in achieving 2030 clean energy goals.

The UK’s consenting process can be subject to legal challenge which can cause substantial delays to projects resulting in scheme benefits not being realised within anticipated timescales as well as rising costs to the Exchequer. The government has been making commendable progress with its planning reform agenda, and the focus must now be on ensuring the reforms can translate into success through effective implementation and adequate resourcing. We commend any moves that can lead to faster approvals whilst also maintaining environmental and community safeguards.

The press release issued by HM Treasury on 2 October 2025.

The Economic Secretary to the Treasury has reappointed Martin Egan as a Non-Executive Director of the UK Debt Management Office (DMO) Advisory Board.

The Economic Secretary to the Treasury, Lucy Rigby KC MP, has reappointed Martin Egan as a Non-Executive Director of the UK Debt Management Office (DMO) Advisory Board.

In this role Martin will continue supporting the DMO’s Chief Executive and senior team and bring considerable experience, skills and judgement to the full array of Advisory Board issues.

Martin will serve a second three-year term.

Economic Secretary to the Treasury, Lucy Rigby KC MP said:

“I am very pleased to confirm the reappointment of Martin Egan.

“His extensive knowledge and experience will continue to support the Debt Management Office in delivering its objective to support economic stability by effectively managing government debt.” 

Dame Sue Owen, Non-Executive Chair, DMO Advisory Board, said:

“I fully support this reappointment. Martin brings the deep market knowledge and perspective that is so valuable to the Advisory Board and DMO executives.”

Jessica Pulay, Chief Executive Officer, UK Debt Management Office, said:

“I am delighted that Martin Egan will continue to serve on our Advisory Board as a Non-Executive Director.  Martin’s knowledge and experience has been of immense value to the DMO since he joined the Advisory Board and we look forward to his continuing contribution over the coming years.”

About Martin Egan

Martin Egan has 39 years of experience in financial markets. Most of his career was spent at BNP Paribas in various roles including Managing Director Global Co-Head Primary and Secondary Credit, Vice Chairman of the Global Markets Client Board, and Chair of BNPP UK Ltd. He was also Chair of the Diversity and Inclusion Network at BNPP UK. Earlier in his career he held roles at JP Morgan Ltd., UBS Investment Bank and Credit Suisse First Boston.

Martin was also the Chair of the Board of the International Capital Market Association from May 2017 to May 2018, and a member of the Board for another 5 years before that.

Martin confirmed he has not engaged in any political activity in the last five years.

About the appointment process

The DMO is an executive agency of HM Treasury which is responsible for debt and cash management for the UK Government, lending to local authorities and managing certain public sector funds.

This reappointment was made by HM Treasury ministers, in line with the requirements of the Governance Code for Public Appointments.

The press release issued by HM Treasury on 2 October 2025.

Experts in investment, risk management and local and central government have been appointed to the National Wealth Fund Board, as it moves into a new chapter.

Catherine Cripps, Tom Riordan, and Joseph Schull have been appointed as new Non-Executive Directors by the Chancellor Rachel Reeves as the National Wealth Fund focuses on scaling up delivery: increasing the capital it deploys, expanding into new sectors, and building stronger regional investment pipelines. 

Over the past year, the National Wealth Fund (NWF) has been at the forefront of investing public money in the UK’s future,  supporting the government’s mission to put more money into the pockets of working people through our Plan for Change. It is now set to move into a new chapter under the leadership of Oliver Holbourn, who takes up the role of CEO on 1 November.  

The National Wealth Fund Board, chaired by Chris Grigg, has been central to the organisation’s progress to date, and the appointment of Catherine, Tom and Joseph will significantly add to its capabilities.

Chancellor of the Exchequer, Rachel Reeves said:  

I would like to congratulate Catherine, Tom and Joseph on their appointments as Non-Executive Directors of the National Wealth Fund.

They bring exceptional track records to the NWF’s Board, spread across Investment, Risk Management and Local and Regional Government. Each of them will further strengthen an already capable and experienced Board as it supports our mission to boost economic growth and living standards through our Plan for Change.

Chair of the National Wealth Fund, Chris Grigg said: 

I am delighted to welcome Catherine, Tom, and Joseph to the Board. Each brings vital expertise and perspective that will strengthen our ability to deliver on the NWF’s ambitious objectives, as we scale up our investment activity to support the government’s growth and clean power missions.

Catherine Cripps said:

It is a privilege to take up this role and support the NWF on its critical mission to drive growth and investment in the UK.

Tom Riordan said:

I’m delighted to be joining the team at the National Wealth Fund at such an exciting time and I’m looking forward to helping them deploy capital and create jobs that benefit the whole country.

Joseph Schull said:

I am delighted to join the NWF Board as it begins a new chapter and I look forward to supporting its mission to act as a catalyst for the growth of the UK’s digital businesses and green economy across the country.

Biographies

Catherine Cripps is a seasoned investment management professional, having held senior leadership roles at major institutions and smaller, entrepreneurial businesses. She has built a diverse board portfolio, serving on listed company boards, private equity backed businesses, government agencies and major international subsidiaries. Catherine currently Chairs Polar Capital Technology Trust plc and is a Non-Executive Director of Pool Re Insurance Company Ltd, Goldman Sachs International & Goldman Sachs International Bank 

Tom Riordan brings extensive experience across central and local government. He began his career in government, subsequently serving as Chief Executive of a regional development agency. He later became Chief Executive of Leeds City Council, overseeing significant regeneration and public service transformation. Tom currently serves as Second Permanent Secretary at the Department for Health and Social Care and will undertake the NED role alongside this position. 

Joseph Schull is Co-Founder and Managing Partner of private equity firm Corten Capital. Previously, Joseph was Head of Europe at Warburg Pincus and a member of the firm’s Executive Management Group, responsible for overseeing investments in multiple sectors, with a focus on technology.  Joseph is an experienced board member, having served as both an investment director and a non-executive director.  He brings over 25 years of investing and business building expertise as well as strategic insight to NWF’s Board.

The press release issued by HM Treasury on 23 September 2025.

Chancellor Rachel Reeves will declare the UK ‘open for business’, following a £110 billion investment surge from major financial services firms in the past week alone.

• £3 billion investment from Revolut will create 1,000 new high-skilled jobs in the UK, including a new global headquarters in London.
• This latest commitment takes total investment from major financial services companies to over £110 billion – in a single week, following announcements by Blackstone, BlackRock and PayPal. 
• At the opening of the new London HQ the Chancellor declares UK ‘open for business’ as Leeds Reforms push Britain to the front of global race for financial services businesses, which will help put more money in people’s pockets through the Plan for Change.

Global fintech leader Revolut will today (23 September) open its new global headquarters in Canary Wharf, setting out plans to invest £3 billion in the UK and create 1,000 high-skilled jobs over the next five years. 

This comes on the heels of last week’s £100 billion investment from asset manager Blackstone, £7 billion from BlackRock and £1.25 billion in inward investment from leading US financial firms including PayPal and Bank of America – generating 1,800 new jobs in major cities including London, Edinburgh, Belfast, and Manchester. 

The wave of investment from financial services companies comes just months after the Chancellor cut needless financial red tape to ensure the UK wins the global race for financial services investment as part of the modern industrial strategy.

Chancellor of the Exchequer, Rachel Reeves, said:

The UK is well and truly open for business under this government. Through our Leeds Reforms we’re making Britain the best place for financial services companies to do business, pushing us ahead in the global race for investment and putting more money in people’s pockets through the Plan for Change.

Nik Storonsky, CEO and Co-founder of Revolut, commented:

Our mission has always been to simplify money for our customers, and our vision to become the world’s first truly global bank is the ultimate expression of that. From our roots here in the UK, we’ve grown to serve over 65 million customers globally, and today’s opening of our new Global HQ in London is the launchpad for our future. This HQ will be central to driving our growth towards our next milestone of 100 million customers.

To power that journey from our home market, we are investing £3 billion in the UK over the next five years. This commitment will not only create 1,000 new jobs but will also fuel the innovation from our London hub that will help us deliver on our global ambitions.

The major investments from financial services firms over the past week include:

• Blackstone is aiming to invest in excess of £100 billion of assets in the UK over the next decade. This includes their £10 billion investment in a data centre in Blyth. 
• BlackRock expects to allocate over £7 billion to the UK market next year on behalf of its clients and is investing £500 million into enterprise data centres across the country. 
• Bank of America is set to create up to 1,000 new jobs in Belfast, marking its first-ever operation in Northern Ireland — a major milestone that underscores the region’s growing role in global financial services. 
• Citi Group today confirms it is investing £1.1 billion across its UK operations, including a further commitment to growing its presence in Northern Ireland where the bank is already one of the top employers in Belfast now employing over 4,000 people — firmly establishing Belfast as a major technology powerhouse. 
• In Manchester, S&P Global are investing over £4 million into their Manchester offices which will support 200 permanent jobs boosting their nearly 3,000-strong UK workforce. 
• As part of the UK’s expanding fintech and digital innovation sector, PayPal is announcing a £150 million investment in product innovations and growth that will benefit customers throughout the UK, reinforcing Britain’s position as a key market for the brand globally.

These investments in the UK are a vote of confidence in the UK’s economic plan, built on stability, investment and reform.  

The Leeds Reforms set out the widest ranging reforms to financial regulation in over a decade, making the UK more attractive to global financial services firms. 

This includes new support for fintech introducing tailored support to help FinTechs, with new start-ups getting a single regulatory point of contact to help them through the scale-up phase. The contact will be able to provide technical support to help them understand the regulatory requirements they need to meet in order to grow.   

Revolut’s investment marks its commitment to the UK, where it has grown to become a global fintech leader with more than 10,000 employees and revenues of over £3 billion.  

The company now serves over 65 million customers worldwide, including 12 million in the UK, and has set its sights on reaching 100 million customers globally by mid 2027. Revolut’s success exemplifies the strength of the UK’s fintech sector, which boasts around 3,000 firms supporting tens of thousands of skilled jobs nationwide.

The press release issued by HM Treasury on 22 September 2025.

Rachel Reeves has fired the starting gun on the government’s landmark Regional Investment Summit, pledging that “no region will be locked out of investment”.

• Chancellor pledges that landmark Regional Investment Summit will attract investment, jobs and growth that makes people better off wherever they live in the country.
• With one month to go, Eon, Lloyds and KPMG, HSBC and IBM have already been confirmed as sponsors for the Birmingham summit.
• Comes as Mayor of the West Midlands and Leader of Birmingham City Council announce launch of the biggest Mayoral Development Corporation in the country to create tens of thousands of jobs and add billions to the local economy.

Rachel Reeves has fired the starting gun on the government’s landmark Regional Investment Summit, pledging that “no region will be locked out of investment”.

The summit will bring together business leaders and major investors with policymakers, regulators, regional mayors and other local leaders to showcase the breadth and depth of opportunities to invest, expand and create jobs right across our nations and regions.

Building on the 10 Year Infrastructure Strategy and Industrial Strategy, the summit will highlight the UK’s regional investment opportunities in areas such as housing, infrastructure, AI and energy. It will show how this government is reversing the underinvestment some parts of the country have suffered for too long which will deliver jobs and economic growth that puts more money in the pockets of people who live there.

With the most recent figures showing business confidence and investment appetite in the UK is at record highs, the Chancellor has pledged that no region will be locked out of the investment, jobs and growth being delivered as part of the government’s Plan for Change.

Chancellor of the Exchequer, Rachel Reeves, said:

Under this government no region will be locked out of investment.

Business confidence is at its highest level since 2015, private sector activity expanded at the fastest pace in a year in August, and top CFOs have ranked the UK as the top investment destination in the world.

Our opponents want to talk down Britain’s economy. But whilst the economy isn’t broken, for many it feels stuck, which is why I’m determined to attract more investment into every region of the UK so we can build an economy that works for, and rewards, working people.

Backed by major corporations including Eon, Lloyds, KPMG, HSBC and IBM, the summit will be hosted in Birmingham on Tuesday 21 October, and will be co-hosted by the Chancellor, the Business and Trade Secretary, and West Midlands Mayor Richard Parker, with business leaders, international investors, and policymakers from home and abroad in attendance.

Business and Trade Secretary, Peter Kyle, said:

The UK has become the world’s most attractive investment destination, and this Summit is a prime opportunity to show investors why Britain is truly the best place to do business.

We have the most open, stable and connected economy in the world – backed by our modern Industrial Strategy – and our Plan for Change is encouraging more international companies to invest here, helping to deliver growth and jobs in every region of the UK.

Richard Parker, Mayor of the West Midlands, said:

The first Regional Investment Summit is a chance to show the world the strength of the West Midlands and all our regions – we are brimming with opportunities for investors.

This Summit is about putting our ideas, our people, our opportunities and our businesses on the map – and I’m excited to welcome partners from the globe to see first-hand why the West Midlands is the place to invest.

This comes as Richard Parker, alongside the Leader of Birmingham City Council, John Cotton, today (22 September) announces the launch of the biggest and most ambitious Mayoral Development Corporation in the country.

It will incorporate the £3 billion Birmingham Sports Quarter, the £4 billion Birmingham Knowledge Quarter, the HS2 station at Curzon Street, the £2 billion Smithfield development, and a major creative industries hub in Digbeth.

This new corporation – part of a wider Mayoral Development Zone – will create tens of thousands of jobs and add billions to the local economy.

The government’s modern Industrial Strategy is also helping to deliver long-term growth right across the UK by driving investment into the economy and hardwiring stability for investors, giving them the confidence to plan not just for the next year, but for the next 10 years and beyond.

Further information

The business confidence figures referenced are:

• UK business confidence is at its highest level since 2015 and hiring intentions increased for a fourth month in a row in August and wage growth expectations also increased to their highest levels since 2018. (Lloyds Business Barometer)
• In August, UK private sector activity expanded at the fastest pace in a year. (The S&P Global UK Composite Purchasing Managers’ index)
• In July, UK CFOs ranked the UK as the joint top investment destination (alongside India)—up from 5th place in December— with sentiment boosted by a UK-US trade deal. (Deloitte)

Additional quotes

Minister for Investment, Jason Stockwood, said:

The West Midlands is a powerhouse for investment, and this Summit will zero in on the region’s world-leading strengths in sectors like advanced manufacturing and life sciences to drive growth and create new opportunities in the industries of the future.

Unleashing the full potential of the UK’s regions is at the heart of our modern Industrial Strategy, and this Summit will deliver growth that will unlock good new jobs for working people, putting more money in people’s pockets and in turn boosting prosperity across local communities.

Chris Norbury, Chief Executive Officer E.ON UK, said:

The West Midlands is a huge part of E.ON’s DNA with our offices, strategic energy partnership and innovation all already thriving in this region.

So, it’s fantastic to be supporting events like the Regional Growth Summit and see the West Midlands showcasing how sustainable energy can drive real growth in green skills, jobs and the economy.

Local collaboration between government and businesses is key to accelerating more affordable, secure energy and net zero delivery, and as such, events like this are key to building those collaborative relationships.

Ian Stuart, CEO of HSBC UK, said:

At HSBC, we are determined to support UK businesses’ growth ambitions, both at home and abroad. As the world’s leading bank for international trade, we know that the dynamism of UK business is integral to the future health of the economy.

HSBC supports the Government’s ambition to cement the UK’s position as a science and tech superpower. The summit will highlight the very best of the region’s innovative businesses, driving inward investment and growing our exports around the world to create jobs and drive the economy.

Jon Holt, Group Chief Executive and UK Senior Partner KPMG, said:

This Summit will be a fantastic moment to spotlight the strength and opportunity of the UK’s regions and their crucial role in helping drive national economic growth.

KPMG’s heritage lies in our regional businesses and every day we work with brilliant companies across the country.

The West Midlands is well-placed to host this Summit and showcase the skills, innovation and talent on offer in the region, and provide a springboard for regional growth.

Charlie Nunn, Group Chief Executive, Lloyds Banking Group, said: 

The UK’s regions are the powerhouses of innovation, investment and growth.

We’re proud to support the inaugural Regional Investment Summit, which highlights the strength of local partnerships and the opportunities they create.

Through the breadth and depth of our relationships with businesses across the country, Lloyds Banking Group is helping to unlock regional potential, attract investment, and fuel the UK’s long-term prosperity.