Singapore's sovereign wealth fund, GIC, refuses to invest in UK regulated utilities due to unpredictable regulations, raising concerns for Labour's economic strategy and the future of the UK's water industry.
Singapore’s sovereign wealth fund has reportedly told the government that it will not invest in regulated UK water, electricity and gas utilities due to unpredictable rules on infrastructure, in a blow for Labour’s economic strategy. GIC , the world’s seventh-largest sovereign wealth fund with more than $800bn £600bn in assets, declared its stance during a private meeting with environment secretary Steve Reed earlier this month, according to The Sunday Times.
Reed claimed just this month that beefing up water regulation would “attract global investment” to rebuild the UK’s sewage and pipeline infrastructure. His comments came shortly after unveiling the Water Special Measures Bill in Parliament, which ramps up watchdogs’ powers to issue fines, conduct oversight and recoup the costs of investigations. The comments come at a difficult time for the prime minister, Keir Starmer, and his chancellor, Rachel Reeves.
Singapore Sovereign Wealth Fund UK Utilities Thames Water Ofwat Labour Party UK Economy Foreign Investment Regulatory Uncertainty Water Infrastructure
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