HUNT: WE WANT FUNDS TO INVEST CHANCELLOR TO UNVEIL PLANS TO BOOST INVESTMENT

JESSICA FRANK-KEYES

JEREMY Hunt (pictured) will tonight tell the City’s pension funds the government is clearing the way for them to invest in high-growth British businesses.

Speaking at Mansion House tonight, the Chancellor will spell out his plans to encourage schemes to invest cash in infrastructure, startups and green tech – in a bid to rocket power the UK’s growth while avoiding adding to the debt pile.

One top industry source said Hunt will unveil a list of insurers and asset managers who have agreed in principle to invest more in alternative assets, according to the Reuters news agency.

“Everything we do we will seek to secure the best possible outcomes for pension savers, with any changes to investment

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YEARNING FOR THE URN England win to keep Ashes alive structures putting their needs first and foremost,” he will say.

The wide-ranging measures build on the Edinburgh Reforms of 2021, though the pensions industry has said it opposes mandatory investment quotas.

The Chancellor will also pledge to prioritise a “strong and diversified gilt market” in a bid to soothe fears the funding push could damage the government’s bond market.

“We will always prioritise a strong and diversified gilt market. It will be an evolutionary not revolutionary change to our pensions market.

Those who invest in our gilts are helping to fund vital public services and any changes must recognise the vital role they play,” he is set to say.

Lobby group The City UK said the government needed to follow the example of Australian and Canadian pension funds to create growth and deliver higher returns.

“We need to follow their example, encourage consolidation of schemes and deliver better retirements, which will also support growth,” it said in a statement.

The ‘Mansion House Reforms’ echo Prime Minister Rishi Sunak’s priority to grow the economy by making the UK the most globally innovative and competitive financial centre, while reiterating that bringing down inflation remains the government’s core priority.

Financial and professional services industries employ over 2.5m people and generate more than £100bn in tax revenue, paying for half the cost of running the NHS, Hunt will highlight.

He will also hail the importance of the traditionally “nimble” and “agile” sector for the government’s vision of Britain as a science superpower and the world’s next Silicon Valley.

The Chancellor has also played down the possibility of tax cuts in the short term, and suggested the government may rule out inflationary pay rises.

ENGLAND’s hopes of regaining cricket’s Ashes from the Aussies were kept alive yesterday as the hosts toppled the tourists at Headingley, Leeds, to get their first win of the series.

England went into day four on top but it quickly started to unravel, with concerns their Bazball playing style could be the death of them.

But Harry Brook, Chris Woakes and Mark Wood starred on the same crease now-captain Ben Stokes hit his memorable Ashes ton on in 2019 to leave this year’s series in the balance at 2-1 to Australia.

There’s a break until the fourth Test –a week on Wednesday at Old Trafford –but a win in Manchester would see the capital play host to the decider, at the Kia Oval.

Australia are looking to win their first series on these shores since 2001, but England are back in the race.

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