Chancellor Rachel Reeves has announced the government’s new ￡7.3bn flagship National Wealth Fund to decarbonise Britain’s heavy industry will start investing in areas such as green steel and gigafactories “immediately”.
She said on Tuesday the fund’s money — to be spent over five years — would be disbursed by the state-owned UK Infrastructure Bank.
Reeves said there would also be reforms to the British Business Bank, which is overseen by the Department for Business and Trade, to “ensure it can mobilise the UK’s deep pools of institutional capital” towards low-carbon investments.
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