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Labour launches $7 billion property fund to 'boost investment' in UK

Labour launches  billion property fund to 'boost investment' in UK
Labour launches  billion property fund to 'boost investment' in UK

 


The government has pledged $7.3 billion to the National Property Fund to attract private investment in Britain's infrastructure.

Treasury Secretary Rachel Reeves and Commerce Secretary Jonathan Reynolds today (June 9) directed officials to begin work on reorganizing two key entities under the new National Treasury to invest in new industries of the future.

The government said it would merge the UK Infrastructure Bank and the UK Enterprise Bank into the National Property Fund to boost growth and boost investment.

An additional $7.3 billion has been allocated through the UK Infrastructure Bank, enabling investment to begin immediately, adding to existing funding.

Reeves said: It is clear that this new government is set on delivering economic growth and has no time to waste.

I have previously promised to establish a national wealth fund, and now I will go one step further by bringing together key institutions.

To rebuild Britain and fix the foundations of our economy to make every part of our country a better place, we need to go further and faster.

That's why, in less than a week, we will establish a new national wealth fund and bring together key institutions to help catalyze investment in new and growing industries.

Under the government's new plan, the fund would bring together key institutions and present an “attractive proposition” to investors, attracting billions of dollars more in private investment and generating returns for taxpayers.

These immediate investments will be focused on higher priority areas and will spur much larger private investment.

As part of the fund, reforms will be made to the UK's corporate banking system, which will be regulated by the Department for Trade.

The aim is to mobilise what the government calls the UK's “deep pool of institutional capital”, leveraging its investment pipeline and track record as the UK's largest venture capital investor.

Further details will be announced ahead of the government's International Investment Summit later this year.

The government also plans to introduce new legislation in Parliament as soon as time permits, thereby legally establishing the NWF and making it a permanent institution.

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