The Chancellor will confirm she is pressing ahead with plans to merge pension schemes to create 'megafunds' capable of investing in major infrastructure projects and emerging industries.
Follow Rachel Reeves will today unveil a major pensions shake-up designed to unlock up to £80 billion of investment in British infrastructure and business.
Pledging to ‘go for growth’, she will say she has ‘never been more optimistic about our economic potential’. The source said evidence from countries like Canada and Australia suggested bigger schemes could deliver high returns by investing in projects like road and rail rather than tying up cash in government bonds.
In the biggest pension reform for decades, the existing 86 local authority pension schemes, which control assets worth almost £500 billion, will be required to consolidate their assets in a ‘handful of megafunds’.
News Rachel Reeves Canada Donald Trump Australia
United Kingdom Latest News, United Kingdom Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
UK borrowing costs hit highest level this year as gilt sell-off intensifiesBond markets unnerved by scale of extra borrowing in chancellor Rachel Reeves’ Budget
Read more »
Did Labour mislead UK public ahead of Budget?Rachel Reeves’ tax-raising measures come after she pledged not to be a levy-hiking chancellor
Read more »
Business and wealthy bear brunt of £40bn tax increases in UK BudgetMarkets unsettled by extent of government borrowing as Rachel Reeves boosts spending
Read more »
The clip that proves Labour's 'election dishonesty': How Rachel Reeves told voters that Britain...The Chancellor's words from 11 June this year are being widely shared as evidence of Labour 's general election 'dishonesty'.
Read more »
The clip that proves Labour's 'election dishonesty': How Rachel Reeves told voters that Britain...The Chancellor's words from 11 June this year are being widely shared as evidence of Labour 's general election 'dishonesty'.
Read more »
The clip that proves Labour's 'election dishonesty': How Rachel Reeves told voters that Britain...The Chancellor's words from 11 June this year are being widely shared as evidence of Labour 's general election 'dishonesty'.
Read more »