Skip to content
Search

Latest Stories

National Wealth Fund to invest in 'higher risk' projects

National Wealth Fund to invest in 'higher risk' projects

Chancellor Rachel Reeves meets with defence suppliers at RAF Northolt on March 6, 2025 in Ruislip, west of London. (Photo by DAN KITWOOD/POOL/AFP via Getty Images)

THE National Wealth Fund will unlock more than £70 billion in private investment to boost economic growth, advance clean energy and strengthen defence, chancellor Rachel Reeves said on Wednesday (19).

The fund's new strategy will prioritise clean energy, advanced manufacturing, digital technologies and transport sectors.


Investments will target projects across the UK including carbon capture, green hydrogen, gigafactories, green steel and ports.

Reeves has increased the fund's economic capital limit from £4.5bn to £7bn, allowing it to take on higher-risk projects that struggle to attract private finance. This change aims to accelerate economic growth throughout the country.

"My number one mission is kickstarting economic growth through our Plan for Change to make Great Britain a stronger, more resilient country and put more money into the pockets of working people," Reeves said.

"I am determined to go further and faster to get our economy growing. By directing tens of billions of pounds into the UK's industrial strengths, we'll deliver the high-skilled, high-paid jobs of the future in every corner of the country."

Since July last year, the fund has unlocked nearly £1.8bn in private investment and created 9,900 jobs in growth industries. Recent investments include £55 million for Connected Kerb to expand electric vehicle charging networks and £28.6m for Cornish Metals.

The announcement coincides with a new £9.6m investment in Solihull Council to improve heating infrastructure, reduce bills and provide low-carbon energy to town centre buildings.

The government has launched a recruitment campaign for a new CEO as John Flint prepares to step down this summer.

A new UK Strategic Public Investment Forum will be established to coordinate investments across public financial institutions including the National Wealth Fund, British Business Bank, UK Export Finance, Homes England, Innovate UK, Great British Energy and The Crown Estate.

Energy secretary Ed Miliband stressed the importance of clean energy investment: "Clean power is the economic opportunity of the 21st century – and through the National Wealth Fund we will seize this opportunity to invest in British industries and workers."

The National Wealth Fund will work closely with Great British Energy, the new publicly owned clean energy company, to boost Britain's energy security and reduce dependency on fossil fuels controlled by foreign states.

More For You

India and Ireland strengthen ties with joint economic commission

S Jaishankar inaugurates the Consulate General of India in Belfast on March 8

India and Ireland strengthen ties with joint economic commission

INDIA and Ireland agreed to set up a joint economic commission to increase bilateral trade, investment and technology ties, India’s external affairs minister, S Jaishankar, announced after a meeting with his Irish counterpart in Dublin on March 7.

He met Tánaiste (foreign minister) Simon Harris over a working breakfast meeting at the Department of Foreign Affairs.

Keep ReadingShow less
Santander-UK-Reuters

Following the changes, Santander UK will operate 349 outlets, including 290 full-service branches and 36 with reduced hours.

Reuters

Santander UK to close 95 branches, 750 jobs at risk

SANTANDER UK, the British arm of Spain's Banco Santander, announced on Wednesday that it plans to close 95 of its 444 branches, putting around 750 jobs at risk.

The closures, set to begin in June, will reduce the bank’s branch network by about a fifth.

Keep ReadingShow less
Cake Box secures £7 million funding for Ambala Foods acquisition

Cake Box, which sells fresh cream celebration cakes, placed 3.9m new shares at 180 pence each through Shore Capital Stockbrokers Ltd. (Photo: X/@eggfreecakeuk)

Cake Box secures £7 million funding for Ambala Foods acquisition

CAKE BOX HOLDINGS PLC has raised £7.0 million through a share offer to partially fund its acquisition of Ambala Foods Ltd, a UK-based Asian sweets manufacturer and retailer.

Cake Box, which sells fresh cream celebration cakes, placed 3.9m new shares at 180 pence each through Shore Capital Stockbrokers Ltd.

Keep ReadingShow less
BYD

BYD's fast-charging breakthrough comes at a challenging time for Tesla

Getty Images

BYD unveils 5-minute EV charger with 400 km range, rivalling Tesla

Chinese electric vehicle (EV) maker BYD has introduced a new charging system that promises to revolutionise the way drivers recharge their cars. The new platform claims to match the time it takes to refill a petrol vehicle, significantly reducing the waiting time traditionally associated with EV charging. This breakthrough could mark a turning point for the global electric vehicle market, increasing the appeal of EVs and accelerating the transition away from petrol and diesel cars.

At a live-streamed event in Shenzhen, BYD founder Wang Chuanfu revealed the details of the company's latest development, a super-fast charging system capable of peak speeds of 1,000 kilowatts (kW). This new technology can give vehicles a range of 400 kilometres (249 miles) after just a five-minute charge, a substantial leap forward compared to current offerings. For comparison, Tesla's superchargers, one of the fastest options available, offer speeds of up to 500 kW, making BYD's system twice as fast.

Keep ReadingShow less
Top 10 tech innovations

The most essential tools for navigating the modern world

iStock

Top 10 tech innovations transforming daily life in 2025

As we move further into 2025, technology continues to seamlessly blend into our daily routines, making life more connected, efficient, and convenient. From AI-driven home assistants to self-driving cars, these familiar devices are revolutionising how we live, work, and play. Here are the top 10 tech devices that are transforming everyday life in 2025.

1. Amazon Echo with AI-powered Alexa

Amazon EchoAmazon EchoAmazon.com

Keep ReadingShow less