Mansion House Accord Debate
Full Debate: Read Full DebateDepartment: Department for Work and Pensions
Steve Darling
Main Page: Steve Darling (Liberal Democrat - Torbay)Department Debates - View all Steve Darling's debates with the Department for Work and Pensions
(1 day, 13 hours ago)
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Steve Darling (Torbay) (LD)
Liberal Democrats cautiously welcome the response from the Minister. Clearly, ensuring that people have a good return on their investments is essential, but we welcome this step change where we are looking at investment within the United Kingdom within the appropriate parameters. Would the Minister unpick for us what core lessons he has learned from Australia and Canada, which have already embarked on this path? Also, it has long been a long-term investment opportunity for many in the pensions industry to invest in rental opportunities. How can we drive the opportunities in the social rented sector through the accord?
Finally, the Minister rightly talks about a pipeline of opportunity. Our fear is that these might only be large opportunities, such as the redevelopment of an airport, when many of our communities are worried by the collapse of our town centres; there could be buckets of opportunity highlighted there, which could be driven by appropriate investment through sources like this.
Torsten Bell
It is characteristically bold of the Liberal Democrats to cautiously welcome these measures. However, the hon. Member is right to raise the question of Australia and Canada. We look across at places with similar pension schemes to those in the UK, and the levels of private asset allocation in those schemes is far higher than we see here in the UK, so he is absolutely right on that front.
On the two specific points the hon. Member raises, I agree on investment in the social rented sector. Many of our pension funds are already doing that, and I know that other major ones will be making announcements in that area in the months ahead. He also raises the breadth of investment opportunity. He is absolutely right that there are large, national-level projects, but there are also many more local projects. Where those are financed by the private sector, pension schemes may want to look at them as well.