UK establishes Energy Wealth Fund with £2bn from National Wealth Fund

Chancellor John Healey announced the creation of an Energy Wealth Fund at the Jackdaw gas approval announcement on Wednesday, diverting £2bn from the existing National Wealth Fund. Internal Treasury modelling suggests that if historical North Sea receipts of £200bn had been invested since the 1980s at a rate comparable to Norway's, a British Sovereign Wealth Fund could now be worth probably a trillion pounds. This contrasts with Norway's fund, which began in earnest in 1996 and has amassed a $2.4tn war chest.