Former Bank of England governor Mark Carney has been appointed by the Labour Party to be one of the key advisers to its proposed National Wealth Fund.
Labour is redrawing plans to raise cash for the fund after Chancellor Jeremy Hunt scrapped non-dom status in the Budget last week, a policy the opposition had planned to use to fund several initiatives.
According to reports over the weekend, other advisers include Barclays boss C S Venkatakrishnan, Carol Young, the chief executive of USS, the UK’s largest private pension scheme, plus executives from investment companies Equitix and Brunel Pension.
Chaired by former banker Rhian-Mari Thomas, the group will consult with institutions and private investors over ways to raise money for the fund.
The taskforce will report directly to shadow chancellor Rachel Reeves and Ed Miliband, the shadow climate secretary, said the reports.
Labour’s plan is for the National Wealth Fund to raise £7.3 billion to invest in green projects such as carbon capture and storage, floating offshore wind farms and green steel across Britain.