UK Treasury omits defence from National Wealth Fund priority sectors

Open the Editor’s Marking Free

Rulla Khalaf, the FT editor, chooses its preferred stories in this week’s news.

The British National Wealth Fund has no defense industry as one of its priorities, despite the efforts of the government to speed up the efforts of rebirth.

Chancellor Rachel Reeves On Wednesday, he wants the government’s car, which will have about 28 billion pounds for the presentation of the current parliament, to monitor the “double use technologies” and support of Great Britain’s defense and security.

But putting his strategy to NWF Flint, the Chief Executive Officer of NWF, the Treasury does not list the defense as one of the main areas, on which it should be focused on directly. Instead, the Ministry of Finance called pure energy, advanced production, digital technologies and transport.

The decision lies, as the UK seeks to increase military spending, as European countries are under pressure from US President Donald Trump to protect their defense from the last NATO summit.

Britain finances the growth of defense expenses from 2.5 percent to 1.5 percent of GDP by reducing the budget, but Prime Minister Sir Keyir Starters signal with 3% of GDP.

In an interview this month, Reves said that he believes that NWF can do more to “promote security and defense.”

He added:

On Wednesday, the treasury wanted to help direct investments on which the defense sphere, advanced production and digital and double use technologies. Double-use technologies are that can be used in both civil and military programs.

To the question, the role of defense, the treasury stated that “NWF can directly invest in defense programs.”

The strategy of the Ministry of Finance said.

The work in his pre-election Manifestimese promised to create a new free wealth fund in areas of investment, such as green steel and gigafacts with 7.3 billion funding.

But in October last year Reeves Left the planAnnouncing that the bank’s current infrastructure bank would be reviewed by NWF and will be provided for an additional 5.8 billion pounds, 1.5 billion pounds.

Speaking about Wednesday, Revez said: “I am determined to go further and faster to grow our economy.