Leader of Leeds City Council 'pleased' government's new National Wealth Fund will be headquartered in Leeds
A Leeds councillor has said he is ‘pleased’ with the chancellor’s announcement that the government’s new National Wealth Fund will be headquartered in Leeds.
In her speech closing the International Investment Summit on Monday, Rachel Reeves laid out plans for “ending economic instability” and bringing investments and jobs back to the UK.
In her speech, the Chancellor of the Exchequer and MP for Leeds West and Pudsey revealed plans to transform the Leeds-based UK Infrastructure Bank into the National Wealth Fund (NWF), which will invest £27.8 billion in clean energy and growth industries.
The newly formed NWF will have a broader mandate than just infrastructure investment, and is expected to catalyse significant private investment in key sectors.
Councillor James Lewis, leader of Leeds City Council, said in a statement received by the Yorkshire Evening Post: "We're pleased to hear the announcement by Chancellor Rt Hon Rachel Reeves MP 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."
The announcement was well received by other local politicians, including Mark Sewards, MP for Leeds South West and Morley, who wrote on X (formerly Twitter): “Delighted to hear [Rachel Reeves] announce Leeds as the home of the new National Wealth Fund!
“This move will unlock investment and growth right across Yorkshire and the UK, deliver better jobs, and help rebalance our economy as we rebuild Britain.”
Meanwhile, Katie White, the MP for Leeds North West, said: “I’m thrilled that the Chancellor has confirmed the National Wealth Fund will be based in Leeds—the green finance capital of the UK. This is fantastic news for Leeds, the North, and the entire country.
"Private investment is crucial for driving the UK’s green transition. With Leeds already home to the UK Infrastructure Bank, leading investment to achieve net zero, and the growing presence of the Bank of England here, our city has proven it has the expertise and ambition to develop and invest in the industries of the future.
“The National Wealth Fund will create thousands of clean energy jobs, boost energy security, and contribute to tackling climate change.
“By working at pace with industry, the Government will unlock private investment and strengthen the economy.”