Financial Reporting Council CEO, Richard Moriarty, said: “We will work with the Department of Business and Trade as it brings forward this draft legislation while continuing to use our existing powers to deliver good standards of corporate governance, financial reporting and audit and fulfilling our remit to support growth across the UK.”
National Wealth Fund
More details about the government’s new National Wealth Fund, announced last week, were set out in the papers.
It said: “The National Wealth Fund bill will ensure this institution is at the heart of the country’s mission to grow the economy and create wealth in every community.”
It sets out this bill would apply across the UK in a bid to harness investment in infrastructure projects.
Dr Rhian-Mari Thomas, CEO of the Green Finance Institute and chair of the National Wealth Fund Taskforce said: “Setting out the National Wealth Fund as a key priority demonstrates the government’s determination to reshape the way we approach public, private risk-sharing, providing private investors with the confidence needed to invest in technologies and infrastructure that will drive growth and create jobs.”
She said the UK should be positioned for more international investment with the plans.
Green British Energy bill
The bill establishes the new publicly-owned energy company in a bid to secure energy for the UK and deliver clean energy by 2023.
It said "significant private sector investment" is required to deliver a decarbonised power system.
Chief executive and founder of renewable energy investor Low Carbon, Roy Bedlow said the bill may need to go further to ensure priority is given to building renewable energy infrastructure.
He added: "A key component of this will be to accelerate the connection of renewable projects to the grid, which will act as an important signal for investors.”
tara.o'connor@ft.com
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