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BrexitBusiness performanceLatest NewsEconomics, government & businessPensions

Qualified support for Reeves after Mansion House speech

by Adam McCulloch 15 Nov 2024
by Adam McCulloch 15 Nov 2024 Rachel Reeves speaks at the Mansion House
PA Images/Alamy
Rachel Reeves speaks at the Mansion House
PA Images/Alamy

Given the somewhat precarious state of the UK economy and businesses’ concerns over extra costs contained in the Budget, chancellor Rachel Reeves’s Mansion House speech last night was keenly anticipated. Here, four business leaders give their verdicts

‘Improved ties with EU welcome’

Anna Leach, chief economist, Institute of Directors

“The chancellor has announced welcome reforms to consolidate fragmented pension funds in her Mansion House speech, as well as other reforms to redirect UK regulators to better supporting growth. Alongside the capital behind the National Wealth Fund and updates to the fiscal framework to accommodate and incentivise government investment, it is good to see further steps being taken to create a supportive environment for investment. And the call to improve trade ties with the EU is welcome and a top priority for IoD members.

“Today’s GDP data highlight the fragility of UK growth, however. Reforms that potentially support longer term growth sit uneasily alongside Budget measures that will more rapidly and certainly damage investment, employment and growth. We will continue working with the government to ensure that the UK is a competitive environment for business and growth, both now and in the future.”

‘Super-sized UK pension funds could be just the tonic’

Jonathan Moyes, head of investment research, Wealth Club

“Today, we begin to see the real vision behind Reeve’s plans. Reforming the nation’s pension schemes represents a substantial opportunity for the country. By taking a leaf out of the Canadian pension book, Reeves may just provide the spark the UK economy needs to crowd in investment into key infrastructure projects, the energy transition and scale-up enterprises.

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“The UK’s investment track record has been abysmal. According to the Institute for Public Policy Research, the UK has ranked bottom of the G7 league table in 24 of the last 30 years for investment as a share of national income. It is right to place some of this failure at the door of the pension industry, where an all too cautious approach, particularly after the financial crisis, saw schemes shun private investments, stunting both UK economic growth and the size of saver’s retirement pots.

“Investors in startups could be the real winners from today’s announcement. It is no secret that the UK venture capital industry punches well above its weight internationally, but there remains a real need for large institutional investors to provide the firepower to turn startups into internationally competitive scale-ups. Super-sized UK pension funds could be just the tonic. In turn, this would be highly attractive for startup investors and draw in additional startup capital. The Reeves’ Reforms, and the Pensions Investment Review in particular, could be transformational for the UK economy.”

She has recognised the need to rebalance the UK’s attitude towards risk

James Carter, head of platform product policy, Fidelity International

“We are hugely encouraged by the chancellor’s Mansion House speech and the more detailed content in the published documents, which sets out proposals for reforming the defined contribution (DC) pension market. Most importantly, it is clear that the collaborative approach taken by the government over the summer, actively engaging with industry, has led to a package of proposals which demonstrate a real understanding of the function of the UK DC market. The imperative of improving DC savers’ outcomes and supporting UK growth will be best and most quickly achieved through a set of connected policies such as these.

“We are also pleased to see the government’s support of policy to allow the effective and orderly consolidation of schemes by allowing firms to easily transfer pension assets from underperforming schemes. It is important that firms are able to act decisively and quickly where better outcomes can be achieved by consolidating assets into a different pension scheme.

“We do believe there are additional ways in which the government could raise potential returns for investors while also supporting companies that are considering listing in the UK. For example, removing or reducing the burden of stamp duty for equity transactions, putting us on a level footing with other markets.”

“The chancellor last night referred to the way in which the regulatory environment has evolved since the financial crisis, and the unintended consequences of a system which has sought to eliminate risk-taking. We welcome her call to rebalance the UK’s attitude towards risk and look forward to the opportunities this will create to better support savers’ needs.

‘Improve employee value proposition’

Mark Jones, Reward and Benefit Partner at Isio

“Attracting inactive workers back into the workforce requires a strategic approach to benefits that aligns with both needs and expectations. Our research highlights that flexibility and tailored support are key drivers for re-engagement. By offering hybrid and flexible working options, employers can create an environment that appeals to those who have been out of the workforce, whether due to caregiving responsibilities, health issues, or other personal reasons.

“Beyond flexibility, we need to make sure we’re improving overall employee value proposition. This includes providing access to training and development programmes that help individuals upskill and reskill, making the transition back to work smoother and more appealing. Offering comprehensive wellness programmes that address both physical and mental health can also help boost employee satisfaction and retention.”

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Adam McCulloch

Adam McCulloch first worked for Personnel Today magazine in the early 1990s as a sub editor. He rejoined Personnel Today as a writer in 2017, covering all aspects of HR but with a special interest in diversity, social mobility and industrial relations. He has ventured beyond the HR realm to work as a freelance writer and production editor in sectors including travel (The Guardian), aviation (Flight International), agriculture (Farmers' Weekly), music (Jazzwise), theatre (The Stage) and social work (Community Care). He is also the author of KentWalksNearLondon. Adam first became interested in industrial relations after witnessing an exchange between Arthur Scargill and National Coal Board chairman Ian McGregor in 1984, while working as a temp in facilities at the NCB, carrying extra chairs into a conference room!

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