Osborne Sees U.K. Investment Boost From Council Pension Mergers

George Osborne, U.K. chancellor of the exchequer, holds the dispatch box containing the budget.
Photographer: Simon Dawson/Bloomberg

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By Robert Hutton

October 4, 2015 at 7:01 PM EDT

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U.K. Chancellor of the Exchequer George Osborne will urge the 89 local-council pension funds in England and Wales to consolidate in an effort to improve their investment strategies and reduce costs.

The move will be announced by Osborne in a speech on Monday to his Conservative Party’s annual conference in Manchester, northwest England. He’ll say the goal is to encourage the funds to invest more of the 180 billion pounds ($270 billion) they manage in infrastructure projects.