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Oct 24 (Reuters) – Britain will provide £20.4 billion ($27.3 billion) of additional capital to the state’s business lender and infrastructure bank in next week’s budget, the Financial Times reported on Friday, citing the Treasury.
- The Treasury will allocate £15.4 billion ($20.6 billion) more to the National Wealth Fund and £5 billion ($7 billion) more to the British Business Bank over roughly half a decade, according to the report.
- “This additional capital will help more British businesses fulfil their potential, while getting investment behind the industries, infrastructure and places that create good jobs and drive lasting growth across the country,” a Treasury spokesperson told the FT.
- The Treasury did not immediately respond to a Reuters request for comment outside regular business hours.
- The Treasury said the funding would help support around 100,000 jobs by 2035 in sectors including artificial intelligence, defence and green energy, the FT said.
- The measures are expected to be announced in finance minister John Healey’s budget on Wednesday.
($1 = 0.7478 pounds)
Reporting by Carlos Méndez in Mexico City; Editing by William Mallard
