City of London Corporation Policy Chairman, Chris Hayward said:

“We welcome the creation of national wealth fund which could unleash a wave of funding to kick-start UK’s economic growth. Private investment will be critical for the UK to support innovative firms and emerging tech.

“To crowd in private investment the Government along with regulators must pursue an environment that is less risk averse and allows UK financial services to unlock its full potential amid mounting competition.

“Last year, the City Corporation convened much of the UK pensions sector around the Mansion House Compact, with the aim of unlocking over 50 billion pounds of new capital to our high-growth sectors such as fintech and life sciences. This week we’ll be convening industry to ensure we deliver on this commitment.

“The City of London Corporation stands ready to support Labour’s ‘mission-driven government’ to create economic growth and a more prosperous United Kingdom.”