UK tech secretary vows to push pension funds into British AI startups
Britain’s Technology Secretary Liz Kendall has pledged to strengthen efforts to channel institutional investment into UK tech companies. Speaking to Bloomberg TV during London Tech Week, Kendall said the government would pursue legal reforms to how pension funds are run.
“I’m sure you’ll see more movement on that very soon,” she said. The interview was recorded before Defence Secretary John Healey’s shock resignation over a funding dispute with the Treasury.
The pension play
The push builds on a voluntary accord struck last year, when 17 large UK pension providers agreed to invest at least 10% of their defined-contribution default funds in private markets by 2030, with a minimum of 5% earmarked for domestic assets. That commitment is expected to unlock roughly £25 billion for UK businesses.
Chancellor Rachel Reeves has not ruled out mandating the allocation. In April, she won parliamentary authorityto force pension funds to...
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