Pension Schemes Bill

Debate between Mark Garnier and Liam Byrne

Consideration of Lords message
Wednesday 22nd April 2026 Commons Chamber

[Liam Byrne]

I am grateful for that intervention, because the hon. Lady made my second point for me. It is just not good enough to will the ends and not the means. The reality is that, after all the heroic work of the former Conservative Chancellor, built on ably by the current Chancellor of the Exchequer to advance the Mansion House accord and the Sterling 20, the repatriation of long-term savings into our country is going at a snail’s pace. If we want to deliver it by a timetable on which we are both agreed, we will need to give a little bit of encouragement to the industry. That is exactly what the Minister’s proposed provision would do.

[Mark Garnier (Wyre Forest) (Con)]

The right hon. Member raises many really important points, much of which we agree with. That is why, I think on Report, the Opposition tabled an amendment to try to understand what the problem was. It specifically asked, “Why are these pension funds not investing in the UK? Is it legislative, is it regulatory or is it cultural?” The Government voted against that. They voted against exactly the work we need to do to understand what the problem is. Could he possibly explain why?

[Liam Byrne]

I can advance only my own analysis of what will be needed. Indeed, it is part of a wider Business and Trade Committee inquiry, which will produce a report in a couple of weeks, on how we transform the investment environment. The reality is that there is a shared ambition on both sides of the House to ensure that we fix this long-standing paradox. My judgment is that the measures the Minister is proposing are essential if we are to deliver on that by the early 2030s. It is just not good enough to try to persuade Britain’s pension funds through sheer mind powers alone to repatriate the investment they are proposing. By taking the Minister’s approach, we stand a better chance.