Unions, thinktanks, environmental groups and charities are urging the UK government to expand the National Wealth Fund (NWF) so it can invest more heavily in infrastructure, clean energy and regional economies. They argue that a stronger institution could help reduce energy bills, revive former industrial areas, create well-paid jobs and rebalance the economy, while remaining compatible with existing fiscal rules.

Launched in July 2024, the NWF was designed to attract about £3 of private investment for every £1 of public money in projects including ports, gigafactories, hydrogen and steel. The coalition wants the fund to become an independent national development bank able to raise its own finance and invest over longer periods; it highlights the contrast between the NWF’s planned £5.5bn annual investment and Germany’s KfW lending €62bn in 2025. The Treasury says the fund has already delivered £3.9bn of investment in projects such as Sizewell C and a Sunderland gigafactory, generating a further £5.25bn.