Shadow chancellor Rachel Reeves has established a taskforce to advise the Labour Party on how best to implement its national wealth fund.
The taskforce is comprised of leading figures from the UK’s investment and financial services sector, including former Bank of England governor Mark Carney and Barclays chief CS Venkatakrishnan.
Rhian-Mari Thomas, chief executive of the independent Green Finance Institute, will serve as chair, with further members to be announced in due course.
A Labour government can only deliver changes to our economy by working alongside business
Rachel Reeves
Labour has pledged to invest £7.3 billion in a national wealth fund to help create 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.
Over the next three months, the taskforce will consider different models and approaches to establishing the national wealth fund and consult extensively with private investors.
It will also examine what mechanisms are needed to attract private capital, what policy measures can incentivise investment, and how best to develop a pipeline of investable projects.
Ms Reeves 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.”
