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Britain’s new National Wealth Fund has struck a £1bn deal with two of Britain’s biggest high street lenders to retrofit thousands of homes to upgrade their energy-efficiency.

Sky News has learnt that the government-backed vehicle has agreed with Barclays and Lloyds Banking Group to provide partial guarantees on loans to housing associations across Britain.

An industry source said the deal, one of the first to be unveiled since the National Wealth Fund’s (NWF) creation, would be announced within days.

One banking insider said the partnership between the NWF and the two high street lenders would enable a substantial number of homes to be retrofitted.

It was, they added, an example of the public and private sectors working in tandem to deliver a worthwhile social outcome.

The scale of the loan guarantees provided by the state-controlled vehicle was unclear on Wednesday.

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A separate deal with the Housing Finance Corporation valued at about £150m is also expected to be announced alongside the broader agreement with Barclays and Lloyds.

The NWF is absorbing the UK Infrastructure Bank, under plans announced this week by Rachel Reeves, the chancellor.

The Treasury intends to inject £5.8bn into the National Wealth Fund, less than the £7.3bn that Labour pledged in its election manifesto.

Barclays and Lloyds both declined to comment, while the Treasury has been contacted for comment.

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Cabinet ministers write to Starmer in urgent attempt to soften spending cuts in budget

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Cabinet ministers write to Starmer in urgent attempt to soften spending cuts in budget

Cabinet ministers are writing to the prime minister in an urgent attempt to soften some of the spending cuts being demanded ahead of the budget. 

The main measures for the budget have to be decided by the end of Wednesday and sent to the Office for Budget Responsibility before the Treasury shuts up for the evening.

Sky News can confirm letters from cabinet ministers complaining about the budget have gone over the head of Chancellor Rachel Reeves to Sir Keir Starmer and Number 10.

Politics latest: Cabinet members deeply concerned over scale of cuts

Some of these letters are believed to have gone in over the last couple of days.

After today, only small changes can ordinarily be made to the budget, typically around involving items of tens or hundreds of millions rather than billions. The existence of the letters was first reported by Bloomberg.

Some cabinet ministers are deeply concerned about the scale of the cuts being demanded in some areas to fund pay rises and spending increases elsewhere.

It is understood that Number 10 has received complaints from four government departments: the Ministry of Housing, Communities and Local Government, the Department for Transport, the Department for Environment, Food and Rural Affairs, and the Ministry of Justice.

Not all of these complaints were made through the medium of a letter.

It is understood the call for an intervention by Number 10 has helped soften a small portion of the cuts for some cabinet ministers’ departments.

But largely the shape of the budget, which is for the most part wrapped up tonight, has remained unchanged – and so have the nerves about how it will land in two weeks.

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Could chancellor ‘find’ more money?

At the weekend, Sky News revealed one cabinet minister said: “The briefing doesn’t match the reality. It’s pain this year, and pain next year. We’re simply going to be digging a hole which we end up filling in later in the year.”

Ms Reeves will loosen the borrowing rules in the budget in order to give herself more room for spending, along with raising up to £40bn in tax rises and welfare cuts in order to relieve pressure on budgets.

But the cost of significant public sector pay rises, which are still going to have to be found from within departmental budgets, mean cuts this year and next are still being demanded by the Treasury.

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Some ministers believe the cuts are unsustainable, while some have pointed to the first round of spending reductions announced before the summer – including the winter fuel allowance changes – as evidence more input from Number 10 is needed ahead of the budget and spending review on 30 October.

One government source told Sky News: “The whole of Number 10 is focused on the budget at the moment and there isn’t much bandwidth for anything else.”

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Government figures insist that letters voicing concern are routinely sent at this point in a spending review process and that this is all normal.

Both Sir Keir and Ms Reeves are out of the country next week, the week before the budget. However, only smaller changes can typically be made after today to the shape of it.

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Chevron overturn unlikely to impact SEC’s conduct — Ripple CLO

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<div>Chevron overturn unlikely to impact SEC's conduct — Ripple CLO</div>

In 2023 alone, the Securities and Exchange Commission filed over 20 lawsuits against firms and individuals in the crypto industry.

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Kalshi election betting contracts multiply after court win

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Kalshi election betting contracts multiply after court win

The prediction marketplace has certified more than a dozen political event contracts since prevailing in a court battle in September.

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