The Chancellor, John Healey, will announce £20.4bn of extra funding for the National Wealth Fund and the British Business Bank in Wednesday's Budget, the Financial Times reports, citing confirmation from the Treasury.
The National Wealth Fund will receive £15.4bn and the British Business Bank £5bn, spread over roughly five years, according to the FT report as carried by Investing.com. Reuters lists the funding among the announced measures in its Budget factbox.
The Times had reported that Healey would channel new defence investment through the two state-backed lenders, which would in turn invest in British defence companies. The Treasury confirmation puts a figure on the money going to both bodies.
It is not yet clear how much of the £20.4bn is for defence, or how the funding will be treated under the fiscal rules.
According to an explainer by Global Banking & Finance, the National Wealth Fund already has about £27.8bn of capital and the British Business Bank capacity of about £25.6bn. Those figures have not been independently checked.