British PM Urges Pension Funds To Take Up UK Investments

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Law360, London (August 5, 2021, 2:31 PM BST) — Prime Minister Boris Johnson has called on British pension schemes to make long-term investments in the country as part of a “big bang” to aid economic recovery from the COVID-19 pandemic.

Johnson and Chancellor Rishi Sunak said in a joint open letter issued late on Wednesday that institutional investors in Britain are “under-represented in owning U.K. assets.”

Johnson and Sunak said the government has taken steps to remove obstacles that may be hindering investment in the U.K., including accelerating the consolidation of the pension sector and reviewing the Solvency II Directive, which governs capital requirements for insurers.

The Financial Conduct Authority will also…