UK State Bank Warns of £1 Million Bill to Hire a Top Executive

The British Business Bank has warned officials it could cost as much as £1 million ($1.3 million) to hire a manager for its flagship investment fund unveiled last autumn, setting the scene for a potential clash with a likely Labour government after the July 4 election.

The state-owned lender — a 600-strong organization — invests public and private cash to support sustainable growth, the green transition and small businesses. In last year’s autumn statement, Chancellor Jeremy Hunt promised a £7 billion capital injection to help create the “Growth Fund.” Its aim is to co-invest with UK pension funds in the nation’s “most promising businesses” and turbocharge the $3.1 trillion local economy.