Money will also go to UK infrastructure projects
L&G has announced a £2bn investment in housing, infrastructure and urban regeneration across the UK.
The insurance giant says its plans will deliver around 10,000 new social and affordable homes, with funds allocated “based on local needs and demand”.
The investment comes in part from L&G’s own balance sheet, alongside co-investment from capital it manages on behalf of other pension scheme clients and master trusts.
António Simões, group chief executive officer at L&G, said: “As a long-term investor in the UK economy, L&G has a proud history of using pension capital to develop assets that deliver strong financial returns and lasting social impact.
“Our £2 billion commitment will help unlock the investment needed in productive assets across the country – creating jobs, strengthening communities, and driving both regional and national growth.”
The announcement comes ahead of a Regional Investment Summit in Birmingham, where a new investor-led partnership of 20 of Britain’s largest pension providers and insurers, known as the Sterling 20, will convene to identify and fund key infrastructure projects across the UK.
Chancellor Rachel Reeves added: “This is about getting Britain building again – bringing our savings, our investors and our regions together to deliver the homes, infrastructure and industries that will drive growth and create good jobs in every corner of the country.
“Our country’s pension funds are some of the biggest in the world. When they invest in Britain, everyone benefits – from the construction worker on site, to the small business on the high street, to the saver seeing their pension grow.
“Sterling 20 shows what can be achieved when we all pull in the same direction to build a stronger economy that works for, and rewards, working people.”
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