UK Chancellor Osborne Confirms Sovereign Wealth Fund

UK Chancellor of the Exchequer George Osborne, in his Autumn Statement 2014 said, “we’re announcing a new Sovereign Wealth Fund for the North of England so that the shale gas resources of the North are used to invest in the future of the North.”

To read the full speech, click here

The sovereign wealth fund plan was debated in the House of Lords. In Lancashire, Cheshire, Merseyside and Greater Manchester, test drilling licenses have been granted. UK Energy and climate change secretary Ed Davey said the sovereign fund will be formed once shale gas extraction begins.

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