The government will publish a consultation on unlocking capital from defined contribution (DC) pension schemes in the Autumn Statement, Chancellor Jeremy Hunt confirmed today in his Budget speech.
Citing the government-supported bail-out of the UK arm of Silicone Valley Bank at the weekend as evidence of its commitment to innovative companies, Hunt said unlocking cash from DC schemes as well as other sources to create a more diverse financing system to promote investment in high growth companies.
Hunt said: “We successfully secured the sale of the UK arm of Silicon Valley Bank to HSBC, so the future of those companies is now safe in the hands of one of Europe’s biggest and most creditworthy banks. But those events show that we need to build a larger, more diverse financing system, where the benefits of investment in high growth firms are available to more investors.
“So I will return in the Autumn Statement with a plan to deliver that. It will include measures to unlock productive investment from defined contribution pension funds and other sources, make the London Stock Exchange a more attractive place to list, and complete our response to the challenges created by the US Inflation Reduction Act.”
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