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Unions welcome Labour's National Wealth Fund
However, economist says Chancellor Rachel Reeves's plans are ‘nothing more than a private equity fund being set up with state backing’
Chancellor of the Exchequer Rachel Reeves (centre) with special adviser Neil Amin-Smith (left) and Energy Security and Net Zero Secretary Ed Miliband (right) at 11 Downing Street, Westminster, London, July 9, 2024
UNIONS welcomed Labour’s plan for a National Wealth Fund today, but economists criticised it for taking public risk to create private profits.
New Chancellor Rachel Reeves declared Britain “open for business” and announced plans for the fund, which aims to attract private investment to overhaul the nation’s crumbling Tory-era infrastructure, and transition Britain into a low-carbon economy.
Due to be launched in less than a week, it will offer investors £1 of public cash for every £3 of private capital.
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