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Chancellor Backs Oxa's Driverless Vehicle Push with £28bn Fund

1/19/2026

24 5 Full Breakdown

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Reeves Invests in Oxa

Chancellor Rachel Reeves plans to invest tens of millions in Oxa through the £28bn National Wealth Fund to back autonomous vehicle initiative.
Oxa has raised over £180m but faces losses, with its valuation falling from £350m to £120m.
The National Wealth Fund is operationally independent from the Treasury and has invested £3.6bn in its first year to pursue growth, with driverless taxis and buses trials beginning later this year.

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Reeves Celebrates Growth

The IMF projects the United Kingdom economy will grow in 2026, ahead of Japan, Italy, and France.
Chancellor of the Exchequer Rachel Reeves says the projected growth proves her economic strategy is working.
Shadow Chancellor Sir Mel Stride says the figures reflect a flatlining economy and that Reeves is celebrating minimal progress.
Experts warn the financial sector’s size could hinder growth, citing past economic crises.

History

Historical Context

In 2021, the UK launched the National Wealth Fund, allocating £3.6 billion to stimulate economic growth through strategic investments in sectors like autonomous vehicles. This initiative mirrors historical government interventions in technology, reminiscent of the 2000s tech boom. However, experts warn that the financial sector's size could hinder sustainable growth, echoing concerns from the 2008 recession.

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Reeves Invests in Oxa

Chancellor Rachel Reeves plans to invest tens of millions in Oxa through the £28bn National Wealth Fund to back autonomous vehicle initiative.
Oxa has raised over £180m but faces losses, with its valuation falling from £350m to £120m.
The National Wealth Fund is operationally independent from the Treasury and has invested £3.6bn in its first year to pursue growth, with driverless taxis and buses trials beginning later this year.

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