Key facts
- Britain will provide £20.4 billion of additional capital to state lenders.
- £15.4 billion will go to the National Wealth Fund.
- £5 billion will go to the British Business Bank.
- Funding aims to support around 100,000 jobs by 2035.
- Support will target sectors including AI, defense, and green energy.
Britain will inject £20.4 billion ($27.3 billion) of additional capital into state-backed lenders, including the National Wealth Fund and the British Business Bank, over the next five years, according to a report by the Financial Times citing the Treasury. The announcement is expected in finance minister John Healey's budget on Wednesday. The Treasury stated the funding aims to support around 100,000 jobs by 2035 in key sectors such as artificial intelligence, defense, and green energy.