The Leeds-based UK Infrastructure Bank (UKIB) is becoming the National Wealth Fund (NWF), as revealed by the Chancellor, Rachel Reeves, at the International Investment summit in London yesterday – 14 October.

The new NWF will expand UKIB’s remit beyond infrastructure in support of the Government’s industrial strategy.

With additional financial capacity and an enhanced risk budget, the NWF will be capitalised with £27.8bn to catalyse private investment in the market.

From its HQ in Leeds city centre, the NWF will expand its team, securing additional sector expertise to support its new remit.

Alongside boosting its private sector investments, it will continue to provide commercial and financial advisory services and lending to local authorities, further strengthening its partnerships with mayors to support the Government’s growth ambitions.

The new organisation will also take on a more sophisticated partnership role with Government departments, bringing investment expertise and policymaking closer together, to accelerate policy development which supports and grows the market.

The NWF will continue to make private sector investments, with a focus on bringing in private finance to sectors and technologies which are critical to the UK’s clean energy and growth ambitions.

The Government says it will set out further details of the NWF’s role in delivering the Industrial Strategy in a statement of strategic priorities, as well as reviewing the organisation’s success metrics, before the next financial year.

Chancellor of the Exchequer Rachel Reeves, said: “Today’s announcements are the first step in delivering on this Government’s central mission to secure sustainable growth, rebuild Britain and make every part of the country better off.”

John Flint, CEO at the National Wealth Fund, added: “It is a huge privilege to be entrusted with the responsibility of leading the National Wealth Fund.

“Building on the strong foundations we have laid as UKIB, we will hit the ground running, using sector insight and investment expertise that the market knows and trusts to unlock billions of pounds of private finance for projects across the UK.

“With additional capital to deploy against a bigger mandate, we stand ready to help the market invest with confidence, in support of the Government’s growth ambitions.”

Councillor James Lewis, leader of Leeds City Council, said: “We’re pleased to hear the announcement by Chancellor Rachel Reeves of the new steps for the National Wealth Fund and its headquarters in Leeds.

“Leeds is the UK’s second largest city for financial services, and a major hub for related professional services, and this latest announcement further reinforces the city’s progress and influence as we continue to attract major players such as the UK Infrastructure Bank, Bank of England and the Financial Conduct Authority who have all chosen to locate their major UK hubs in our city.

“These developments create exciting opportunities for local people, offering a wealth of new jobs and career paths.

“We have huge strengths in this area and offer a wealth of expertise underpinned by strong regional, national and international partnerships and a diverse range of businesses which puts us in a great position to support this initiative.”