Thousands of jobs have been fuelled by the Chancellor's National
Wealth Fund in the last six months, with almost £1.6 billion of
investment unlocked, driving growth across all corners of the UK.
The Chancellor began work just days into office to establish a
new National Wealth Fund (NWF) that would invest in the new
industries of the future to create good jobs and opportunity
across every part of the country. With £27.8 billion of
firepower, the NWF will help drive the government's Plan for
Change and turbocharge growth across the country to raise living
standards in every part of the United Kingdom.
The jobs that have been created will support the digital and
clean energy sectors, including 6,500 expected to be created in
the retrofit sector across the UK, with the NWF providing a
financial guarantee that will see Lloyds and Barclays deliver £1
billion of funding to deliver improvements such as low carbon
heating and insulation in social housing.
New figures reveal almost £1.6 billion of private investment has
been leveraged into projects across the UK's clean energy and
growth sectors over the past six months. This includes to support
faster broadband connections for thousands of businesses and
households in Cornwall, Yorkshire, Lincolnshire and Cumbria,
fuelling economic growth.
Millions of pounds have also been committed to help West Suffolk
Council to decarbonise its buildings and transition its fleet to
electric vehicles, alongside supporting the expansion of a
successful rooftop solar scheme. This innovative investment model
has the potential to be replicated by other local authorities and
means more businesses can benefit from low cost, low carbon
electricity, supporting local businesses and the growth of the
clean energy sector.
It comes as today, the NWF announces a loan of £92 million to
support Denbighshire County Council's crucial improvements to
coastal flood defence barriers in Denbighshire, North Wales,
protecting businesses and homes against the devastating impact of
flooding, creating jobs and growth in the construction industry.
Chief Secretary to the Treasury said:
“Growth is our national
mission, and the cornerstone of our Plan for Change that
will improve living standards and put more money in people's
pockets.
“And the National Wealth Fund is playing a
vital part in delivering economic growth, securing over a billion
of private investment since July in industries that turbocharge
growth in our economy and create good quality jobs across the
UK”.
The Chancellor announced in October how the NWF would drive
long-term investment in Britain, working hand in hand with
business to create new high skilled jobs right across the UK,
helping make people better off.
To mobilise investment at pace, the NWF will expand on the UK
Infrastructure Bank's offer including additional financial
instruments so it is more catalytic and will take on more risk to
have a greater impact:
- The NWF has more capital with £27.8 billion – inheriting
UKIB's £22 billion and having an additional £5.8 billion.
- It has a renewed focus to support the delivery of the wider
industrial strategy, and the Government's clean energy and growth
missions. At least £5.8bn of the NWF's capital will focus on the
five sectors announced in the manifesto: green hydrogen, carbon
capture, ports, gigafactories and green steel.
- The NWF will have increased resources and focus on conducting
more outreach to identify expanded project pipelines and
structure innovative transactions.
- It will have a strong regional mandate to unleash the full
potential of our cities and regions.