George Freeman urges the Government to commit to the previous Government’s ‘Mansion House Reforms’ designed to unlock £billions capital held in UK pension funds in the City to protect and grow British R&D.
George Freeman (Mid Norfolk) (Con)
Q4. After 14 years shaping the UK’s long-term strategies for life sciences, agritech, fusion and space, I welcome the Government’s industrial strategy. However, too many of our great companies are being bought out by our competitors. To build the industries of tomorrow here, we need to unlock some of the hundreds of billions of pounds in UK pension funds in the City, only 3% of which are now investing in UK equities. With the new Lord Mayor making that a priority, and the Mansion House speech imminent, will the new Government commit to seeing through the previous Government’s reforms to unlock British capital for British research and development growth? (901091)
The Prime Minister (Keir Starmer)
I thank the hon. Member for welcoming the industrial strategy. I know that this issue is close to his heart; he has spoken about and acted on it for many years. The Budget sees record R&D investment, with over £20 billion next year, including over £2 billion to support our world-leading life sciences sector. Through the British Growth Partnership, we will crowd in pension fund investment to support innovative business, and we have launched our landmark pensions review to unlock billions of pounds of investment into the UK and boost growth and living standards across the country.