Reaction to the news that Chancellor will use his first Mansion
House speech to set out how Britain’s financial services sector
will support the Prime Minister’s priority to grow the
economy.
David Livingstone, Citi’s Chief Executive Officer
(Europe, Middle East and Africa) said:
“Citi strongly supports a UK strategy focussing on growth and
improving competitiveness.
“A government plan to reform the pension system to emphasise net
returns would be key to the collective prosperity of all the
country’s pensioners, while also creating a higher growth, more
productive, and innovative economy.
“Based on Citi’s experience working with investors and pension
funds around the world, consolidating funds often increases
efficiency and improves access to global, diversified investment
opportunities, which would be immensely beneficial to the UK,
home to the second-largest pool of long-term capital in the
world.”
Hannah Gurga, Director General, ABI said:
“We share the Government's ambition to make pension money work as
hard as possible to deliver better returns for savers and the UK
economy. A long-term strategy with savers at its heart and
working with the sector are key to delivering on this ambition.
We and our members look forward to working closely with
Government as it fleshes out its plans over the summer.”
Dr Dan Mahony, Government Life Sciences Investment Envoy
and Chair of the UK BioIndustry Association (BIA), said:
“The unlocking of pension fund assets for investment into the UK
life sciences sector will enable everyone saving for their
retirement to benefit financially from Britain’s world-leading
strength in drug discovery and development, whilst supercharging
business growth and accelerating medical progress. We have great
science and great people, now they will be supported by greater
capital from the UK, adding to what the sector is already
attracting from overseas investors. More domestic investors
championing our growing companies will help them to put down
deeper roots here, producing more jobs and benefits for the UK
economy.”
Chris Cummings, Chief Executive, the Investment
Association said:
"The Chancellor’s comments recognise that investment must be at
the heart our economy – providing for the financial futures of UK
households through pensions that deliver good returns, even in
the most challenging economic times, and powering growth by
investing in British businesses.
"The recognition of the central role of long term investment is
the foundation of successful policy.
"With the right regulatory framework, pension schemes will be
able to invest productively and sustainably, unlocking further
investment for innovative growth companies, and improving returns
for savers by broadening investment options. In tandem with
reforms to the listings regime, this will help the UK to become a
more globally attractive place for companies to list, invest and
do business.
"Achieving this new economic dynamism will require the government
to bring together regulators, policymakers, and businesses, to
create a forward-looking and internationally competitive
investment framework, based on a stable, long term policy
approach.
"This will also improve the gilt market, ensuring UK government
debt remains attractive to domestic and international
investors.
"Delivering these outcomes will require us to strike the right
balance between risk and reward and between protection and
innovation. Investment managers stand ready to play our part.”
