Shadow Levelling Up Secretary, Kevin Hollinrake, says the Conservatives are in support “in principles” of the creation of pension "megafunds" to help unlock billions of pounds of investment in businesses and infrastructure.
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00:00And this, we support these measures in principle. These build on measures brought forward by Jeremy Hunt over the last few years, the Mansion House Compact and the Edinburgh Reforms.
00:10So our pension funds used to invest a lot of their monies in the UK economy, the productive economy, UK businesses, stocks and shares.
00:19About 50% of their funds used to be invested in those areas. Today it's about 4% of those funds. They've become very risk averse.
00:27So we wanted those pension funds to invest more in the UK economy. That's good for our businesses in terms of growth, which is ultimately good for consumers and workers too.
00:36So we support them. Of course, we need to see the detail behind the measures, but in principle, yes, we support them.