"Last month's budget fixed the foundations to restore economic stability and put our public services on a firmer footing," Reeves said in comments alongside the pensions announcement. That starts with the biggest set of reforms to the pensions market in decades to unlock tens of billions of pounds of investment in business and infrastructure. "She added that the reforms would also "boost people's savings in retirement and drive economic growth ".Some analysts urged caution over the shakeup. "The government's hope will be... economies of scale," noted Tom Selby, director of public policy at investment platform AJ Bell.He added that "conflating a government goal of driving investment in the UK and people's retirement outcomes brings a danger". But it's clearly possible that it will go the other way, so there needs to be some caution in this push to use other people's money to drive economic growth."

Source: The Times November 14, 2024 12:17 UTC