BCC responds to Chancellor’s Mansion House reforms

July 17, 2023

Responding to the Chancellor’s Mansion House speech announcing reforms of the pension market, British Chambers of Commerce Director General Shevaun Haviland, said:

“Boosting investment is key to remaining globally competitive, increasing economic growth and strengthening UK capital markets. Therefore, we very much welcome the proposals set out by the Chancellor in his Mansion House reforms, making it clear that the UK is where business belongs.

‘It is right that the Chancellor is looking at the pensions market and how reform can foster growth and investment. As the largest pension market in Europe, regulation has only ever been part of the story, with the ability to scale up key for unlocking investment.”

“A better funding environment for businesses will allow the growth of UK plc and should see an increase in the number of companies publicly listing here in the UK, following a recent decline.

“Challenges around public investments, such as HS2, illustrate the importance of leveraging more private sector investment into UK infrastructure projects, which can complement the UK’s already strong track record in encouraging private investment into infrastructure such as maritime ports, water supply and airports.

“Green financing must be an area of particular focus, with increased investment needed for both large-scale green infrastructure projects, as well as green innovations.

“However, we can’t forget about channelling investment into our local economies and supply chains. With SMEs accounting for 80% of the UK’s economy, these businesses must also benefit from easier access to capital funding.”