Coalition of unions and NGOs urges UK to boost National Wealth Fund’s investment power

A coalition of unions, think-tanks and environmental groups is calling on the government to expand the National Wealth Fund so it can finance more infrastructure, green projects and regional jobs in Britain.

Unions, think-tanks and environmental charities have jointly urged the UK government to increase the financial capacity of the National Wealth Fund (NWF) to spur investment across the country. Their statement, signed by the TUC, Greenpeace, WWF and the New Economics Foundation, calls for the NWF to be reshaped into a "world-leading national development bank" that can operate within current fiscal constraints. The fund, created in July 2024 by Chancellor Rachel Reeves, was designed to leverage private money for large-scale infrastructure such as ports, gigafactories and hydrogen projects, targeting a £3 private-to-£1 public funding ratio.

The coalition highlights that the NWF’s £5.5 bn annual investment plan is far smaller than the €62 bn (≈£53.5 bn) lent by Germany’s KfW in 2025, and suggests granting the NWF autonomy to raise its own financing. Proposed actions include accelerating home retrofits, enabling public stakes in key projects, launching green-industry programmes for deindustrialised areas, and supporting regional banks to fund small businesses.

The call comes ahead of the Labour Party’s first conference under Prime Minister Andy Burnham and the upcoming budget by Chancellor John Healey. Treasury figures note the NWF has already mobilised £3.9 bn in projects and attracted an additional £5.25 bn of private finance, creating 11,500 jobs.