Rachel Reeves, the сhancellor of the Exchequer from July 2024, has announced a £7.3b national wealth fund, the Guardian reports. The chancellor insisted there would be a clear distinction between the NWF and GB Energy, another publicly owned company proposed by Labour. While GB Energy will focus on the “production of clean, low carbon energy”, investment made via the NWF will seek to deploy £1.8bn to ports, £1.5bn for gigafactories including for electric vehicles, £2.5bn to clean steel, £1bn for carbon capture and £500m to green hydrogen.
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