LIVERPOOL - Britain's opposition Labour Party said on Monday it would use a national wealth fund to leverage private investment if it wins a national election expected next year.

"We will provide catalytic investment through a new national wealth fund," Rachel Reeves, the party's finance policy chief, told Labour's annual conference in Liverpool.

"We will set that new national wealth fund a target: for every pound of investment that we put in, we will leverage in three times as much private investment."

(Reporting by Alistair Smout, writing by William James, Editing by Kylie MacLellan)