Ministers to unveil revamped Whitehall funding hub

Ministers will this week unveil a revamp of the Whitehall funding hub that they hope will safe a whole bunch of billions of capital flows into the UK within the coming years.

Sky Information understands that Baroness Gustafsson, the funding minister, will handle a non-public occasion on Thursday designed to relaunch the Workplace for Funding (OfI).

Authorities sources stated the revamp – through which Sir Keir Starmer’s high officers and the Treasury have been carefully concerned – would align the UK’s ‘funding sources’ underneath a single model.

The brand new OfI has absorbed groups from different Whitehall directorates with the target of lowering confusion amongst worldwide buyers in Britain, based on the sources.

Thursday’s summit will come days earlier than ministers launch the brand new industrial technique, with the OfI charged with concentrating on buyers in precedence sectors reminiscent of clear vitality, superior manufacturing and life sciences.

A beefed-up funding hub was among the many key suggestions of the previous enterprise minister Lord Harrington’s assessment – commissioned by then-chancellor Jeremy Hunt – in 2023.

One insider stated final 12 months’s Worldwide Funding Summit, at which ministers claimed to have drawn £63bn of recent funding for the UK, supplied a strong basis for the revamped OfI.

An additional occasion designed to draw inward funding will likely be held in Birmingham later this 12 months, the chancellor, Rachel Reeves, introduced on Wednesday.

The Division for Enterprise and Commerce declined to touch upon Wednesday afternoon.