The UK Infrastructure Bank has become the National Wealth Fund, with a broader remit, more capital and a greater capacity for risk.

"It is a huge privilege to be entrusted with the responsibility of leading the National Wealth Fund. Building on the strong foundations we have laid as UKIB, we will hit the ground running, using sector insight, and investment expertise that the market knows and trusts, to unlock billions of pounds of private finance for projects across the UK. With additional capital to deploy against a bigger mandate, we stand ready to help the market invest with confidence, in support of the Government's growth ambitions."