UK plans mega pension funds to unlock £80 bn investment

Finance Minister Rachel Reeves announced that Britain plans to create mega pension funds, potentially boosting investment in the country by around £80 billion in a move mirroring schemes in Australia and Canada.

Labour's "megafunds" plan could unlock the equivalent of $104 billion "for infrastructure projects and businesses of the future", the Treasury said in a statement late on Wednesday. The Treasury added that together the schemes were on course to manage £500 billion in assets by 2030.