Establishment of an Independently Administered Sovereign Wealth Fund for the UK.

Establishment of an Independently Administered Sovereign Wealth Fund for the UK. — 6 signatures. Status: rejected.

Petition background

I propose that the new oil reserves in the UK should form the basis of the UK Sovereign Wealth Fund. The fund should be administered independently similar to the Norwegian Fund and the tax raised should not be passed entirely to the Treasury with a minimum 20% to the fund.

Additional details

The purpose of the fund is to provide a long term source of funds for the use to the benefit of UK Citizens as a whole. The Government may allocate more than 20% to the fund in any period. The fund's investment strategy should be under independent trustees with the objective of obtaining a return for the benefit of UK people.

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