Calls to overhaul UK National Wealth Fund into independent development bank

Unions, green groups and think-tanks want UK ministers to turn the National Wealth Fund into an independent, world-leading national development bank that can borrow long-term.

Created in July 2024 to draw private money into infrastructure, it has £5.5bn a year to invest. Backers say independence would allow longer-term projects before the 28 October budget.