Shadow Chancellor will today announce the
appointment of a new task force of experts to provide advice to
the Labour Party on how to implement its National Wealth Fund to
maximise the crowding in of private capital.
The task force is comprised of leading figures from the UK’s
investment and financial services sector. The independent Green
Finance Institute (GFI) will provide the secretariat for the task
force and GFI CEO, Rhian-Mari Thomas OBE, will serve as chair.
Taskforce members include:
- Mark Carney, former Governor of the Bank of England
- Amanda Blanc CEO, Aviva
- C.S. Venkatakrishnan, CEO, Barclays
- Hugh Crossley, CEO, Equitix
- David Vickers, CIO, Brunel Pensions
- Carol Young, Group CEO, USS
Further members will be announced in due course.
Over the next three months, the task force will produce
recommendations for the National Wealth Fund to be presented to
the Shadow Chancellor MP and Shadow Energy Security
and Net Zero Secretary MP.
Labour has pledged to invest £7.3 billion in a National Wealth
Fund to create good well-paying jobs in a zero-carbon economy.
The party has announced that for every one pound of public
investment, the Fund would be required to crowd-in a further
three pounds of private sector investment. This plan will help to
re-industrialise the UK with hundreds of thousands of good jobs
for plumbers, electricians, engineers and technicians across the
country.
The task force will consider different models and approaches to
establishing the National Wealth Fund, and consult extensively
with private investors.
It will also look at what mechanisms are needed to crowd in
private capital, what policy measures can incentivize investment
and how best to develop a pipeline of investable projects.
MP, Labour's Shadow
Chancellor, said:
“Securing Britain’s future means securing the future of our
economy. The next Labour government will bring about a new
business model for Britain that puts economic security first and
rebuilds our ability to do, make and sell more at home.
“A Labour government can only deliver changes to our economy by
working alongside business. The lifeblood of economic growth is
private sector investment which can create good jobs and spread
productivity in every part of the country, and the National
Wealth Fund will be a crucial tool in our armoury towards
bringing about that growth.
“I’m determined that the next Labour government is ready from day
one to put our plan for growth into action, and I’m grateful to
the members of the taskforce for supporting me with this
important work.”
Dr Rhian-Mari Thomas OBE, CEO of the Green Finance
Institute and chair of the task force, says:
“The National Wealth Fund presents a unique opportunity to design
a first-of-a-kind public-private partnership that deploys
catalytic capital to crowd private investment into priority net
zero sectors.
“I look forward to chairing the taskforce and to delivering a
blueprint which will outline pragmatic financial solutions and a
clear implementation roadmap.”
Ends
Notes
-
The Green Finance Institute is an independent financial
institution that tests, demonstrates, and scales the
financial solutions needed to accelerate the transition to a
net-zero and nature-positive economy. It partners with
financial organisations, corporates, NGOs, policymakers,
academics and civil society experts to create and scale
innovative solutions that deliver practical outcomes for
communities and economies. In the UK the GFI has helped to
pioneer the use of green mortgages, local climate bonds and
property-linked finance.
- All members of the task force are nonpartisan and are acting
in an independent advisory capacity.
