2 publishers · first seen Tue, 27 Oct 2026 17:41 UTC · updated Wed, 28 Oct 2026 16:57 UTC
Chancellor John Healey has announced an additional £15.4 billion in capital for the National Wealth Fund and £5 billion for the British Business Bank, both state-funded financial institutions. The move is expected to support 140,000 jobs, with the National Wealth Fund focusing on defence, critical minerals, artificial intelligence and supply chains. The British Business Bank will use its allocation to support smaller businesses and innovative scale-ups across the UK. The government also committed £300 million to a new 'Founders’ Relief' tax measure, offering a 10 per cent Capital Gains Tax rate on up to £10 million of lifetime gains for founders of innovative companies from April. A new scale-up programme for women founders will also be launched.
The National Wealth Fund, headquartered in Leeds, and the British Business Bank, based in Sheffield, are central to the government’s growth strategy. The additional funding builds on existing capital, with the National Wealth Fund having previously held £27.8 billion and the British Business Bank £25.6 billion.
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