Invest in Britain or I’ll force you to, minister tells pension funds
Summary
The UK business secretary, Peter Kyle, urged pension funds to invest more in British companies or face new laws requiring them to do so. He expressed frustration that government efforts have not led to enough investment and said the government might enforce mandatory investment rules if needed.Key Facts
- Peter Kyle is the UK business secretary.
- He called on pension funds to increase their investments in British companies.
- If pension funds do not invest enough, the government may force them by law.
- Previous government efforts, including deals and reforms, aimed to boost investment in the UK economy.
- In 2023, the chancellor agreed with pension funds to voluntarily invest up to £50 billion in British assets.
- New laws allowing mandatory investment powers exist but cannot be used until 2028.
- Many large overseas investors invest in UK projects more than some domestic pension funds.
- Kyle said a leadership change in the Labour party would not affect the ongoing industrial strategy.
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