Chancellor
Jeremy
Hunt
has
used
his
2024
pre-Election
Budget
speech
to
announce
further
regulatory
reforms
in
support
of
his
controversial
Mansion
House
agenda.
Speaking
to
the
House
of
Commons
this
afternoon,
Hunt
said
defined
contribution
and
local
government
pension
schemes
would
eventually
be
required
to
disclose
their
exposure
to
UK
equities.
“We’ll
build
on
the
Edinburgh
and
Mansion
House
reforms
to
unlock
more
pension
funds
[and
give]
new
powers
to
The
Pensions
Regulator
and
Financial
Conduct
Authority
to
ensure
better
value
from
defined
contribution
schemes
by
judging
performance
on
overall
returns
not
cost,”
he
told
MPs.
As
part
of
the
policy,
the
government
will
proceed
with
its
“Lifts”
initiative,
which
was
consulted
upon
from
March
to
April
last
year
in
a
bid
to
identify
growth
investment
opportunities
for
pension
schemes.
Today,
it
also
publishes
the
“winners”
from
that
process.
However,
the
chancellor
said
he
“remains
concerned”
markets
like
those
in
Australia
“generate
better
returns
for
pension
savers
with
more
effective
investment
strategies
and
more
investment
in
high-quality
domestic
growth
stocks.”
Therefore,
the
government
will
“introduce
new
requirements
for
DC
and
local
government
pension
funds
to
disclose
publicly-available
international
and
UK
equity
investments,”
the
chancellor
said.
Though
it
involves
a
requirement
to
disclose
information
about
its
activities,
the
policy
stops
short
of
stipulating
precisely
how
much
schemes
should
be
investing
in
UK
markets.
The
move
comes
amid
a
broader
agenda
of
controversial
reforms
to
the
UK
investment
landscape,
including
a
so-called
Great
British
ISA
also
announced
in
the
speech
itself.
The
product
will
have
its
own
separate
£5,000
allowance,
on
top
of
the
existing
£20,000
ISA
allowance
available
to
savers,
and
the
separate £4,000
Lifetime
ISA
allowance
available
to
prospective
homebuyers.
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