The U.K. has provided £15.4 billion in additional capital to the National Wealth Fund (NWF), while asking the fund to sharpen its focus on security, growth and industrial development.
HM Treasury published the chancellor’s letter on Oct. 28. It says the funding is intended to sustain the NWF’s large-scale investment in the U.K.’s future.
The letter names three priorities: strengthening Britain’s security and strategic capabilities; “delivering good growth in every postcode”; and “supporting a new industrial age for the UK.” It adds these goals to the NWF’s existing strategic direction and plan.
The NWF will also host delivery of the new Energy Wealth Fund.
EconoTimes had earlier reported on the expected increase, which was due to be disclosed with the Oct. 28 budget.
