Reeves Pumping £43 Million of Taxpayer Cash into ‘Paper Bottles’ – Guido Fawkes

Reeves Pumping £43 Million of Taxpayer Cash into ‘Paper Bottles’

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Guido has had a look at what Labour’s much vaunted ‘National Wealth Fund’ has been up to since there was a massive song and dance about it at the International Investment Summit. Not an awful lot, as it turns out…

The fund, which is just a rebranded UK Infrastructure Bank, has in recent weeks injected a weighty £43.5 million in direct equity into… paper bottles. The investment is intended to help packaging firm Pulpex start a manufacturing facility near Glasgow to produce its “fibre-based bottle solution free from hidden plastic, manufactured from sustainably sourced wood pulp designed to be recycled in the same way as paper or card in normal household recycling streams.” The paper straw writ large…

As exciting as paper bottles are Guido is reminded of Sunak’s “start-up fund” managing to achieve a £250 million loss for the taxpayer on projects like this. Reeves says “this latest NWF investment is welcome news, creating jobs, sustainable growth and opportunity in Scotland.” The paper bottles were already backed by Diageo to the tune of £20 million back in 2023. Private firms not keen on this stage –What happened to crowding in investment?