UK Closes in on Deal With Insurers to Invest Billions in Startups, Infrastructure
- Insurers could agree to invest about 5% of DC pots they manage
- Push comes ahead of Jeremy Hunt’s Mansion House speech
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The government is in talks with insurers about a pledge to invest billions of pounds in start-ups and infrastructure projects, with the agreement intended to form a central part of the Chancellor’s Mansion House speech next week.
Several large insurers are preparing to agree to invest about 5% of the defined contribution pots they manage, whose retirement payouts are based on investment performance, according to several people familiar with the matter. Chancellor of the Exchequer Jeremy Hunt is due to give details of the plan in his speech to City grandees on July 10.