TryGOLD- Free

Reeves to loosen rules on how pension funds invest
The Independent|January 28, 2025
Sir Keir Starmer and Rachel Reeves are turning to Britain’s pension funds in a desperate bid to unlock cash for investment and get the economy growing.
- ARCHIE MITCHELL
Reeves to loosen rules on how pension funds invest

The prime minister and chancellor are loosening the rules around how pension funds invest, allowing them to plough surplus funds into the wider economy. The changes, which the pair will unveil at a roundtable of business leaders in the City, come after a barrage of criticism over the government’s handling of the economy since coming to power six months ago.

Since the general election, the economy has flatlined, while the chancellor’s October Budget lumped businesses with higher taxes and wage bills, leading to major firms laying off thousands of staff. On Friday, in a bid to win back credibility with business chiefs, Ms Reeves will paint the pension fund reforms as part of an “urgent mission” to “tear down the biggest barriers to growth, taking on regulators, planning processes”.

Officials believe that around three in four defined contribution pension schemes are in surplus, with around £160bn of cash that could be invested in the economy left on the table. The changes will let employers take surplus cash from their pension schemes to either invest in supplies and equipment for their business or to hand more benefits to employees.

Sir Keir added: “To achieve the change, our country needs requires nothing short of rewiring the economy. It needs creative reform, the removal of hurdles, and unrelenting focus. Whether it’s how public services are run, regulation or pension rules, my government will not accept the status quo.”

This story is from the January 28, 2025 edition of The Independent.

Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 9,000+ magazines and newspapers.

This story is from the January 28, 2025 edition of The Independent.

Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 9,000+ magazines and newspapers.

MORE STORIES FROM THE INDEPENDENTView All
‘Old dogs’ find their bite to script an unlikely plot twist
The Independent

‘Old dogs’ find their bite to script an unlikely plot twist

The post from Jamie George on social media was typically wry. “There’s life in the old dogs yet,” George quipped beneath a snap of the England hooker and old mucker Elliot Daly, with the pair good mates, club colleagues and international stalwarts.

time-read
4 mins  |
February 11, 2025
How Art Deco became this year’s hottest home trend
The Independent

How Art Deco became this year’s hottest home trend

In 2025, we’re going back in time 100 years, to be precise, says Rachel Loos, who explores the origins of the aesthetic and how it’s roared back into fashion... with a fresh twist

time-read
4 mins  |
February 11, 2025
‘Clasico’ rivalry has a bitter edge after Ballon d’Or snub
The Independent

‘Clasico’ rivalry has a bitter edge after Ballon d’Or snub

Real Madrid appear to hold all the power ahead of tonight’s first-leg showdown in east Manchester,

time-read
4 mins  |
February 11, 2025
Jurors told how Rushdie was stabbed repeatedly in attack
The Independent

Jurors told how Rushdie was stabbed repeatedly in attack

Hadi Matar, 27, said Free Palestine’ as he entered court in western New York accused of the 2022 assault on the author

time-read
3 mins  |
February 11, 2025
It’s America Last for Tesla when it comes to taxation
The Independent

It’s America Last for Tesla when it comes to taxation

The carmaker enjoyed incredible advantages when it made losses, so why does it pay such little US tax now it’s in profit?

time-read
4 mins  |
February 11, 2025
Tractor tax protest brings Westminster to a standstill
The Independent

Tractor tax protest brings Westminster to a standstill

Hundreds of vehicles blockaded streets as MPs debated a petition that requests inheritance tax relief stays for farms

time-read
4 mins  |
February 11, 2025
Nursery fees set to soar by 10% in wake of tax hike
The Independent

Nursery fees set to soar by 10% in wake of tax hike

Parents face a significant financial hit with nursery fees set to soar by 10 per cent in the wake of Rachel Reeves’s controversial tax hikes on employers, a major new survey has found.

time-read
4 mins  |
February 11, 2025
Six Nations debate reignites after Wales fall to a new low
The Independent

Six Nations debate reignites after Wales fall to a new low

Looking out over a sorry, soggy scene in Rome, an ailing emperor surveyed a once formidable empire now in ruin.

time-read
4 mins  |
February 11, 2025
Taking it on the chin: meet the new holy grail of beauty
The Independent

Taking it on the chin: meet the new holy grail of beauty

A sculpted or snatched’ jawline has swelled the ranks of impossible standards to live up to, bemoans Katie Rosseinsky

time-read
5 mins  |
February 11, 2025
Why has Labour changed its tone on illegal immigration?
The Independent

Why has Labour changed its tone on illegal immigration?

It’s not that long ago that the then Labour opposition was arguing that lawful immigration helped the economy grow, and that they wanted more “safe and secure routes” for refugees.

time-read
3 mins  |
February 11, 2025

We use cookies to provide and improve our services. By using our site, you consent to cookies. Learn more