National Wealth Fund drives nearly £70 billion into economy, supporting more than 83,000 jobs across the UK

• More than two-thirds of the Fund’s £100 billion investment ambition already achieved (a total of more than £68 billion)
• 83,000 jobs created or supported across nations and regions
• Investments will avoid 117 million tonnes of CO₂e - a third of current annual UK total emissions
• Partnerships with regional mayors and UK city regions now cover a quarter of the UK population.

The National Wealth Fund has helped drive almost £70 billion into the UK economy, new figures show, as it continues to accelerate investment in the places, infrastructure and industries that will underpin long-term UK growth.

As set out in its second Impact Report published today, the Fund has committed more than £10.9 billion across an expanding portfolio of 90 investments, as well as a £36.6 billion term loan for the development of Sizewell C, and has helped mobilise a total of more than £68 billion of public and private finance into critical sectors of the economy, creating and supporting more than 83,000 jobs. These investments are expected to help avoid 117 million tonnes of CO₂e over their lifetime.

This year, the Fund has also significantly increased its regional support, recognising that long-term national growth depends on local factors including good infrastructure, skilled workforces, thriving businesses and strong partnerships between government, investors and communities. By expanding its strategic partnerships programme, where expertise is embedded in the offices of Mayoral Authorities and City Regions, the Fund is providing valuable investment and advisory expertise to areas now covering around a quarter of the UK population.

Delivering against ambition

The report, titled ‘National Wealth Fund: Investing across the nations and regions of the UK’, shows clear progress against the Fund’s core ambitions and investment targets, which were set out in its strategy earlier this year:

• Accelerating place-based investment across all four nations of the UK: This year, the Fund announced new strategic partnerships with South Yorkshire, Liverpool, the North East and Cardiff. Alongside its four existing partnerships, the programme now covers a quarter of the UK population. This is alongside key regional investments, from large-scale energy grid upgrades in Scotland to critical minerals in the South West of England.
• Unlocking growth opportunities on the pathway to clean energy: More than £6.3 billion has been committed to clean-growth projects, expected to create or safeguard more than 47,000 jobs and avoid over 75 million tonnes of CO₂e while boosting domestic energy security.
• Strengthening sovereign and strategic capabilities: The Fund made its first investments in defence, artificial intelligence and advanced nuclear technologies, as well as boosting supply chains in batteries and critical minerals.
• Driving more than £100 billion of finance over the next five years: More than £10.9 billion committed across 90 investments, as well as the £36.6 billion term loan for Sizewell C, has helped mobilise a total of more than £68 billion into the UK economy — more than two-thirds of the ambition.
• Saving 500 million tonnes of carbon dioxide emissions by 2050: Investments to date are expected to avoid 117.2 million tonnes of CO₂e over their lifetime – around 23% of the overall ambition.
• Creating or supporting more than 200,000 jobs by 2050: Investments to date are expected to create or support more than 83,000 jobs – around 41% of the ambition.

Oliver Holbourn, CEO of the National Wealth Fund, said:

“This report tells the story of the Fund’s role to date in unlocking the UK’s future through bolstering growth, resilience and security. By understanding places and backing their strengths and unique opportunities – from critical minerals extraction in Cornwall and Devon, to wind farms in the Orkney Islands – we are helping to create the conditions for lasting opportunity and growth across the nations and regions of the UK. And we are just getting started – there is much more to come from your National Wealth Fund.”