Unions and green groups urge overhaul of UK National Wealth Fund into development bank

Unions, environmental groups and think-tanks have urged UK ministers to overhaul the National Wealth Fund into an independent, world-leading national development bank. Launched in July 2024 to crowd in private infrastructure investment, the Fund has £5.5bn a year to invest. Backers say independence to raise finance would allow longer-term investment ahead of the 28 October budget.