Unions, thinktanks, environmental groups and charities have come together to call on ministers to boost the financial firepower of the national wealth fund to empower it to invest more in Britain and rebalance the country’s economy.

Lower energy bills, the revitalisation of the UK’s industrial heartlands and the provision of more high-quality jobs could all be unlocked by scaling up the NWF, according to a statement from organisations including the TUC, Greenpeace, WWF and the New Economics Foundation.

Turbocharging the retrofitting of homes and buildings.

Giving the public a bigger stake in critical infrastructure through taking part-ownership stakes in key projects.

Launching a targeted investment programme to bring new green industries to communities hit hardest by deindustrialisation.

Supporting a network of regional banks to funnel money into the small businesses that hold up local economies.