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Well surprise, surprise…NOT. I didn’t know about this and as the author says, probably most Canadians don’t either.
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Many Canadians are probably unaware, but this isn’t the first time Prime Minister Mark Carney has taken a crack at creating a sovereign wealth fund; he already tried it while serving as the Bank of England governor two years ago.
The UK government launched the National Wealth Fund in 2024, which was also presented as a sovereign wealth fund and based on a report compiled by the Green Finance Institute, of which Carney was a drafter.
The fund promised to raise three dollars of private investment for every dollar invested using taxpayers’ money. However, after two years in action, the fund’s performance is far from inspiring.
“Two years before selling this model to Canadians, Mark Carney recommended it to the British, who implemented it,” said Bryan Cheang, research fellow at the London School of Economics and senior fellow at the Montreal Economic Institute. “Given the losses...