Treasury on the hunt for new National Wealth Fund boss
The Treasury announced on Wednesday that it had begun searching for a new chief executive to lead the recently established National Wealth Fund.
The policy bank’s current boss John Flint will exit the role this summer after overseeing the institution’s rebrand from the UK Infrastructure Bank (UKIB).
Flint, who is a former HSBC group chief executive, led the UKIB since September 2021.
The National Wealth Fund was a flagship policy of Labour’s 2024 manifesto, pledging to create 650,000 jobs “in the industries of the future”.
Rachel Reeves announced in October 2024 that the UKIB, which was launched during Rishi Sunak’s Chancellorship in 2021, would become the National Wealth Fund.
In a statement released on Wednesday, the Chancellor said the policy bank would unlock over £70bn in private investment to help deliver economic growth.
Reeves revealed a “new strategic steer” which she said would help direct investment to the industries on which the defence sector relies, from advanced manufacturing to digital and dual-use technologies.
This comes amidst a boom in the industry as nations up their defence spending following geopolitical tensions.
The Chancellor said the steer would help the Government’s commitment to increase defending spending and national security to 2.5 per cent of GDP from April 2027.
Reeves added that the fund’s economic capital limit would be increased to £7bn – up from £4.5bn – which would allow it to “take on greater risk”.
National Wealth Fund to collaborate with Great British Energy
A UK Strategic Public Investment Forum was also announced by the Chancellor, which will include leading policymakers from the British Business Bank, UK Export Finance, Homes England, Innovate UK, Great British Energy, The Crown Estate and the new National Wealth Fund boss.
The Treasury said this would allow the National Wealth Fund to work closely with Great British Energy to “support its quick establishment as a publicly owned clean energy company”.
Reeves said: “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.
“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.”
The energy secretary Ed Miliband said: “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.
“We are delivering our clean energy superpower mission to make our country energy secure and deliver the good jobs that the British people deserve.”