UK life sciences and tech can boost Britain’s recovery, says L&G boss Sir Nigel Wilson
Britain’s thriving creative industries should inspire investment elsewhere in the economy to fuel the recovery, the head of Legal & General said.
Sir Nigel Wilson yesterday called for investment in UK life sciences and technology, arguing that the country’s success in attracting big productions like Game Of Thrones should act as a motivator.
Wilson, presenting his latest set of L&G results before retiring at the end of the year, told the Mail: ‘We need an investment-led recovery.
“Too often in the past we’ve had a consumption-led recovery, we’ve always underinvested.”
He pointed to the efforts being made by the US to support chip manufacturing and the transition to net zero with hundreds of billions of dollars in subsidies.
Resignation: Head of Legal and General Affairs Sir Nigel Wilson called for UK life sciences and technology investments in presenting his latest set of results at the company.
But he rejected the idea that Britain cannot compete with the United States, citing the creative industries.
It’s a sector that L&G has supported by investing in the development of broadcaster Sky’s Elstree studio.
“Where was Game Of Thrones mainly made?” he said. ‘In the United Kingdom. Where was it [Sky TV’s] Chernobyl did?
That would be in the UK. It is a great opportunity and that can be an example of what we can do in other industries.
“The life sciences and technology industries are five to 10 years behind in terms of where we want them to be and we need to invest much more in these industries.”
L&G reported a better-than-expected £941m operating profit for the first half of the year, though that was down 2 per cent from a year earlier.
Higher interest rates resulted in a £132bn drop in assets under management to £1.16trn compared to last year.
Wilson declined to say what he might do next, adding: “I’m focusing on the results of the semester and then I’m going on vacation.”