ICAEW.com works better with JavaScript enabled.

ICAEW responds to the Chancellor’s national wealth fund announcement

Author: ICAEW

Published: 09 Jul 2024

David Petrie, ICAEW Head of Corporate Finance, responded to Labour’s announcement today (Tuesday 9 July 2024) of the establishment of a national wealth fund:

“The creation of a national wealth fund that uses state funds to support investment in new and growing green industries as we transition to net zero is a laudable aim, and will help the UK’s international competitiveness.

“In order to ensure value for taxpayers, the national wealth fund should only be allocated to investments that will ensure that Britain builds international competitive advantage by developing infrastructure and energy production.

“We’re concerned that institutions could use this funding to reduce their capital costs and mitigate risk, potentially crowding out private investment, and strong management and governance will be required if this is to be avoided.”

ENDS

Notes to editors:

CONTACT: ICAEW media office stephen.froome@icaew.com or 07970 402 073

You can read the announcement here.