Oral Answers to Questions

David Simmonds Excerpts

Tuesday 14th November 2023 Commons Chamber

[Jeremy Hunt]

Unfortunately, nothing is free from the Labour party. Funding plans by increasing borrowing by £28 billion a year leads to higher bills for families, higher energy prices and higher mortgages.

[David Simmonds (Ruislip, Northwood and Pinner) (Con)]

11. What steps his Department is taking to encourage pension schemes to invest in the UK.

[Nadhim Zahawi (Stratford-on-Avon) (Con)]

13. What steps his Department is taking to encourage pension schemes to invest in the UK.

--- Later in debate ---

[The Chancellor of the Exchequer (Jeremy Hunt)]

In my speech at Mansion House in July, I announced reforms to boost pensions, increase investment in UK businesses, and improve UK capital market competitiveness. Those reforms could result in over £1,000 a year of additional retirement income and unlock £75 billion-worth of investment in high-growth businesses.

[David Simmonds]

Many local authorities have given the investment managers for their pension funds a mandate to invest in infrastructure. What plans does my right hon. Friend have to encourage greater infrastructure investment by UK public sector pension funds?

[Jeremy Hunt]

I thank my hon. Friend for his interest in this issue—of course, he has great experience of local government. Working with the former Economic Secretary to the Treasury, my hon. Friend the Member for Arundel and South Downs (Andrew Griffith), who I see is in the Chamber, we announced major reforms in July to help local government pension funds lead the way in the transformation we are looking for, in particular by sending a direction that they should invest in pools worth more than £50 billion. That will make it easier for them to have the expertise necessary to invest in infrastructure.