The Budget will give the National Wealth Fund and the British Business Bank £20.4bn of extra capital, the Treasury has confirmed. The FT reported the measure on Friday 23 October, citing the Treasury, and Reuters relayed the story.
According to the FT report, £15.4bn goes to the National Wealth Fund and £5bn to the British Business Bank, spread over roughly five years.
The Treasury says the money will help support around 100,000 jobs by 2035 in sectors including artificial intelligence, defence and green energy. That jobs figure has not been independently checked.
A Treasury spokesperson told the FT:
"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."
The FT report does not say whether the capital will be counted as spending or borrowing, or how it affects the government's headroom against its fiscal rules. The Chancellor, John Healey, delivers the Budget on Wednesday 28 October.