The government is seriously considering setting up a £25 billion sovereign wealth fund to invest in regional companies in the wake of the pandemic. Lord O’Neil a former chief economist at Goldman Sachs and adviser to the government on their northern power house initiative stated “You should never let a crisis go to waste. Why not use this mess to invest in British businesses while helping manage our debt?”
Sovereign wealth funds are popular around the world including Norway, where a profit of £26,000 per citizen was generated last year. We believe such an initiative would be well received by the public and would help the government in their quest to level up Britain which was one of their main election pledges.