Carney’s sovereign wealth fund idea already failed in Britain

As Bank of England governor, Carney was involved in the creation of the United Kingdom's sovereign wealth fund, which lost $450 million in its first two years.

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Many Canadians are probably unaware, but this isn’t the first time Prime Minister Mark Carney has taken a crack at creating a sovereign wealth fund; he already tried it while serving as the Bank of England governor two years ago.

The UK government launched the National Wealth Fund in 2024, which was also presented as a sovereign wealth fund and based on a report compiled by the Green Finance Institute, of which Carney was a drafter.