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Radical reforms: Chancellor Rachel Reeves
Rachel Reeves is set to unveil sweeping reforms to encourage pension funds to “buy British” and “boost” the economy.
The Chancellor will use her keynote speech at Mansion House this week to say that lessons must be learned from Canadian retirement schemes, which have been big investors in British companies.
He wants the UK’s Local Government Pension Scheme, which controls £350bn in assets, to invest more in local projects such as infrastructure and renewable energy.
But this could put it on a collision course with the funds that manage the savings of six million municipal workers past and present.
He has been warned he will face a backlash if the scheme is asked to invest in certain sectors.
Trustees fear being told to buy more assets in the UK will not deliver the best returns for their members.
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