Message to firms

Financial institutions urged to invest in UK recovery

Standard Life house

Financial institutions are encouraged to help the recovery (pic: Terry Murden)

UK pension schemes are again being urged to divert billions of pounds of savers’ funds into backing the UK’s post-pandemic recovery.

Prime Minister Boris Johnson and Chancellor Rishi Sunak will issue a message to companies aimed at “igniting an investment big bang” that would unlock hundreds of billions of pounds in retirement and other funds.

They will point to long-term investment programmes by pensions firms in Australia and Canada and call for more investment in the nation’s infrastructure, startups and research rather than focus on the stock market.

“It’s time we recognised the quality that other countries see in the UK, and back ourselves by investing more money into the companies and infrastructure that will drive growth and prosperity across our country,” they say.

“We want to see UK pension savers benefiting from the fruits of UK ingenuity and enterprise, being given the opportunity to back British success stories and secure higher returns and better retirements.”

Chris Cummings, chief executive of the Investment Association, said the government initiative would “require a new partnership between the regulatory authorities and industry to ensure that pension funds and retail investors have access to transparent, well governed funds that return good value for money”.

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