Does Britain need a National Wealth Fund?

On July 9thNWF Britain’s new chancellor, , confirmed plans to set up a £7.3bn ($9.4bn) National Wealth Fund (). The details, including its personnel, risk tolerance and degree of independence, are yet to be ironed out. But in its outlines, the plan brings to mind the old cliché about the Holy Roman Empire—that it was none of those three things.