The UK Infrastructure Bank and the financialization of public infrastructures amidst nationalist neoliberalism
Competition & Change / SAGE
UK public financial bodies
National Wealth Fund
Formerly UK Infrastructure Bank (UKIB)
Wholly ownedNational · United Kingdom
The government’s principal investment and policy bank finances capital-intensive projects, businesses and infrastructure to support growth and the transition to clean energy.
- UK ownership or participation
- 100% owned by HM Treasury through its nominee
- Lead department or body
- HM Treasury
- UK voting rights
- Sole shareholder
- Mandate
- Infrastructure, growth and clean energy
UK financial position
UK shareholding carrying value£5.276bn31 March 2026
HM Treasury core accounts equity investment value. Excludes its separate loans to NWF; not the £27.8bn capacity envelope.
Underlying source ↗Treasury loans to NWF£3.067bn31 March 2026
Loan assets at amortised cost in the Treasury core accounts; eliminated on group consolidation.
Underlying source ↗Accounting values, paid-in capital and funding commitments have different meanings and reporting dates. These figures are not added together.
Institution finances and activity
These describe the institution or the assets it administers. They are separate from the UK government’s holding.
Headline financial capacity£27.8bnWebsite checked 16 September 2026
Capacity for investment; not cash deployed or the government’s shareholding value. Separately mandated business should not be assumed to fit within this envelope.
Underlying source ↗Ownership and accountability
HM Treasury is owner and policy sponsor; UK Government Investments is shareholder representative. The Chancellor answers to Parliament. The board and executive take investment decisions within delegated authorities.
Research hub
7 publications relevant to NWF · Institution-specific research shown first
The Creation of the UK Infrastructure Bank
UK Parliament
The Creation of the UK Infrastructure Bank
National Audit Office
News and announcements
View in News and announcements →- NWF publishes its 2025–26 annual accounts ↗
The report covers the year to 31 March 2026, including investments, governance and audited financial statements.
- Much ado about PuFins: How the UK’s public financial institutions can unlock billions for investment ↗
Maps the expansion of UK public financial institutions and examines investment options under the fiscal rules. The authors recommend additional National Wealth Fund capital and question the case for institutions issuing their own bonds.
View in Research hub → - Treasury publishes new NWF governance framework ↗
The framework sets out the roles of Treasury, UKGI and the NWF board, including delegated investment decisions and shareholder reserved matters.