Labour prepared to pressure pension plans to put money into £50bn ‘development fund’
Labour is ready to pressure pension funds to put money into a proposed £50bn “future development fund”, because the celebration goals to spice up the quantity of capital out there for fast-growing UK firms.Rachel Reeves, shadow chancellor, mentioned she didn't imagine Labour would wish to mandate retirement schemes to put money into the brand new fund due to the goodwill within the sector, however added: “Nothing is off the desk.”Chatting with the Monetary Occasions on a three-day go to to the US, she mentioned she additionally needed to speed up the merger of smaller UK pension funds in order to consolidate a fragmented market.Reeves, who visited the New York Inventory Change on Monday, mentioned she needed to vary the tradition of Britain’s financial savings trade, unleashing h...