Healey to give two state-backed lenders £20.4bn capital boost in Budget

Chancellor John Healey will give the state’s business lender and infrastructure bank £20.4 billion ($27.3 billion) of additional capital in next week’s Budget, the Financial Times reported on Friday, citing the Treasury. The measures are expected to be announced in Healey’s Budget on Wednesday, 28 October — his first as Chancellor, just over three months after he took charge of the Treasury in Andy Burnham’s government. (https://www.reuters.com/business/finance/uks-healey-give-two-state-backed-lenders-20-billion-capital-boost-budget-2026-10-24/; https://en.wikipedia.org/wiki/2026_United_Kingdom_budget)

The National Wealth Fund will receive £15.4 billion ($20.6 billion) more capital and the British Business Bank £5 billion ($7 billion) more, spread over roughly half a decade, according to the FT report. (https://www.reuters.com/business/finance/uks-healey-give-two-state-backed-lenders-20-billion-capital-boost-budget-2026-10-24/)

“This additional capital will help more British businesses fulfil their potential, while getting investment behind the industries, infrastructure and places that create good jobs and drive lasting growth across the country,” a Treasury spokesperson told the FT. The Treasury said the funding would help support around 100,000 jobs by 2035 in sectors including artificial intelligence, defence and green energy. (https://www.reuters.com/business/finance/uks-healey-give-two-state-backed-lenders-20-billion-capital-boost-budget-2026-10-24/)

The Treasury did not immediately respond to a Reuters request for comment outside regular business hours, Reuters said. (https://www.reuters.com/business/finance/uks-healey-give-two-state-backed-lenders-20-billion-capital-boost-budget-2026-10-24/)