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Lord Livermore (Lab)

Speaking in the House of Lords on 12 June 2025

Debate

Spending Review 2025

Contribution

The noble Baroness and I, along with many others in this House, have discussed these issues many times before. I think she knows that what she wants and what I want and what the Government want are pretty much the same thing. She says she wants to see greater levels of investment by pension funds into UK assets, and that is exactly what we want to see as well. The Chancellor set out some proposals on that in her Mansion House speech last year. We have seen substantial pension fund reform announced by this Government, which should bring an additional £50 billion of investment into the UK. We have seen the Mansion House compact announced just last week—a voluntary scheme by pension fund providers to get more investment into the UK. The Chancellor will make her next Mansion House speech on 1 July. I hope this will include more interesting announcements on this regard. It will also include the financial services growth and competitiveness strategy, which I hope will achieve many of the things that the noble Baroness is talking about.

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