Aviva’s Blanc to advise chancellor on creation of national wealth fund

Aviva chief executive Amanda Blanc will advise chancellor Rachel Reeves on the creation of a £7.3bn national wealth fund (NWF).

Announcing the move yesterday (9 July 2024), Reeves said the NWF would be established in “less than a week” and help projects attract a mix of investment.

A specialised taskforce will spearhead the project, which consists of Aviva’s Blanc, former Bank of England Governor Mark Carney and Barclays chief executive C.S Venkatakrishnan.

“At Aviva we are backing the UK and stand ready to invest even more to help boost growth, create jobs and deliver net zero,” Blanc said.

“We need closer working between government and business to make that happen. The announcement of the establishment of a new NWF is a significant step in the right direction.

“We now must work at pace to turn these good ideas into investable projects which can make a difference.”

‘Going further’

Reeves and Ed Miliband, secretary of state for the department of energy security and net zero, have already convened a meeting of the taskforce at No11 Downing Street to kick start this work.

Labour hopes the NWF will be able to unlock billions of pounds of investment in the UK’s green and growth industries.

“I have previously committed to establishing a NWF. I am now going further by bringing together key institutions,” Reeves said.

“We need to go further and faster if we are to fix the foundations of our economy to rebuild Britain and make every part of our country better off.

“That is why in less than a week we are establishing a new NWF and bringing together the key institutions that will help unlock investment in new and growing industries.

“Britain is open for business – and the work of change has begun.”