Exclusive:Chancellor urged to make Leeds the headquarters of Labour's National Wealth Fund

A Labour MP has urged the government to make Leeds the headquarters of the new National Wealth Fund, saying “it’s the right decision for the city and the country”.

Ahead of the Budget later this month, Katie White, the new Leeds North West MP, told the Yorkshire Post the city would be perfectly placed to host the NWF given the green finance institutions in the city.

Chancellor Rachel Reeves announced the £7.3 billion fund in July, which will be used to invest in industries of the future, such as gigafactories, hydrogen energy and green steel projects.

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At the time, Ms Reeves, who is Ms White’s neighbour in Leeds West and Pudsey, highlighted how it would “unlock investment and growth right across Yorkshire, giving its growing industries a boost”.

In particular, she highlighted the fund would deliver “better jobs for working people in places like Sheffield and Leeds”.

Katie White, Leeds North West MP. Credit: Katie WhiteKatie White, Leeds North West MP. Credit: Katie White
Katie White, Leeds North West MP. Credit: Katie White | Katie White

The funding will be invested through the UK Infrastructure Bank, which signed a 15-year office lease in Leeds earlier this year.

On top of this, the Bank of England is moving at least 500 of its staff to the city by 2027.

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Ms White, who led the campaign for the Climate Change Act before becoming an MP, believes this makes Leeds the ideal place for the NWF’s headquarters.

She said: “The creation of the National Wealth Fund presents an exciting opportunity to put this new institution, at the heart of the country’s long-term growth and prosperity, in a region with such a vibrant financial ecosystem. 

York and North Yorkshire Mayor David Skaith, West Yorkshire Mayor Tracy Brabin and Chancellor Rachel Reeves in Leeds. Credit: WYCAYork and North Yorkshire Mayor David Skaith, West Yorkshire Mayor Tracy Brabin and Chancellor Rachel Reeves in Leeds. Credit: WYCA
York and North Yorkshire Mayor David Skaith, West Yorkshire Mayor Tracy Brabin and Chancellor Rachel Reeves in Leeds. Credit: WYCA

“Financing the green transition is critical and Leeds has already been developing the key skills with the UKIB and other players. 

“Having the NWF co-located would turbocharge the sector which would be good for the region and the planet.”

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While Ms White said she’s “really terrified of what’s happening” with global warming, she added that the opportunities in green energy “genuinely really excite me”.

“We’re really well placed in the North to harness those skills,” she said.

Katie White MP.Katie White MP.
Katie White MP. | Katie White MP

“Our can-do attitude in Yorkshire - how do we get things done and work together.

“There’s quite an entrepreneurial spirit.”

Ms White’s call has been backed by the Priestley Centre for Climate Futures at the University of Leeds.

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Director Prof Piers Forster said: “Leeds is at the forefront of climate and finance  innovation and a great example of cross-city collaboration. 

“With world leading expertise across Yorkshire, Leeds would provide an excellent home for the National Wealth Fund.”

The government has previously indicated it wants to move more civil servants out of London and across the country to reduce regional inequality.

It recently announced that Great British Energy would be headquartered in Aberdeen, and has pledged to ramp up devolution and move powers out of Whitehall.

The Treasury was contacted for comment.

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