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UK's Hunt to detail plans to steer pensions into growth investment – Reuters UK

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1 year ago

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LONDON, July 9 (Reuters) – British finance minister Jeremy Hunt will spell out on Monday long-awaited plans to encourage pension funds and other asset managers to invest in high-growth sectors, the Treasury said on Sunday.

In Monday’s speech at the City of London’s Mansion House, Hunt will explain how the reforms could increase returns for pensioners and unlock capital for businesses, the Treasury said.

The government – seeking to boost Britain’s slow economic growth without further increasing its hefty public debt – wants to persuade pension schemes to invest some of their funds in infrastructure as well as startups and green technology.

But the pensions industry has said it opposes mandatory investment quotas.

“Everything we do we will seek to secure the best possible outcomes for pension savers, with any changes to investment structures putting their needs first and foremost,” Hunt was set to tell finance executives, according to the Treasury.

He was expected to announce a list of insurers and asset managers who have signed up in principle to invest more in alternative assets, a senior industry source told Reuters.

Hunt will also seek to assuage concerns that the push to secure funding from long-term investors such as pension funds could hurt the government bond market, saying in his speech that he would prioritise a “strong and diversified gilt market”.

Any changes to the pensions industry would be “evolutionary not revolutionary”, Hunt planned to say, vowing that the reforms would never compromise Britain’s competitive position as a leading financial centre.

Financial services lobby group TheCityUK said government policy should aim for pension funds to invest in growth and in turn deliver higher returns.

“On average, Australian and Canadian pension funds currently provide better performance. We need to follow their example, encourage consolidation of schemes and deliver better retirements, which will also support growth,” it said in a statement.

Hunt was also expected to reiterate that bringing down high inflation remained his priority, saying there could be “no sustainable growth without first eliminating the inflation that deters investment and erodes consumer confidence”.

In an interview with the Financial Times, Hunt said he would not agree to big tax cuts later this year – ahead of an expected national election in 2024 – if they made inflation worse, and he also ruled out “inflationary” public sector pay awards.

Reporting by Muvija M
Editing by William Schomberg and Helen Popper

Our Standards: The Thomson Reuters Trust Principles.

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Investment

S&P/TSX composite up more than 100 points, U.S. stock markets mixed

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2 days ago

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October 16, 2024

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TORONTO – Canada’s main stock index was up more than 100 points in late-morning trading, helped by strength in base metal and utility stocks, while U.S. stock markets were mixed.

The S&P/TSX composite index was up 103.40 points at 24,542.48.

In New York, the Dow Jones industrial average was up 192.31 points at 42,932.73. The S&P 500 index was up 7.14 points at 5,822.40, while the Nasdaq composite was down 9.03 points at 18,306.56.

The Canadian dollar traded for 72.61 cents US compared with 72.44 cents US on Tuesday.

The November crude oil contract was down 71 cents at US$69.87 per barrel and the November natural gas contract was down eight cents at US$2.42 per mmBTU.

The December gold contract was up US$7.20 at US$2,686.10 an ounce and the December copper contract was up a penny at US$4.35 a pound.

This report by The Canadian Press was first published Oct. 16, 2024.

Companies in this story: (TSX:GSPTSE, TSX:CADUSD)

The Canadian Press. All rights reserved.

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Economy

S&P/TSX up more than 200 points, U.S. markets also higher

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1 week ago

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October 11, 2024

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TORONTO – Canada’s main stock index was up more than 200 points in late-morning trading, while U.S. stock markets were also headed higher.

The S&P/TSX composite index was up 205.86 points at 24,508.12.

In New York, the Dow Jones industrial average was up 336.62 points at 42,790.74. The S&P 500 index was up 34.19 points at 5,814.24, while the Nasdaq composite was up 60.27 points at 18.342.32.

The Canadian dollar traded for 72.61 cents US compared with 72.71 cents US on Thursday.

The November crude oil contract was down 15 cents at US$75.70 per barrel and the November natural gas contract was down two cents at US$2.65 per mmBTU.

The December gold contract was down US$29.60 at US$2,668.90 an ounce and the December copper contract was up four cents at US$4.47 a pound.

This report by The Canadian Press was first published Oct. 11, 2024.

Companies in this story: (TSX:GSPTSE, TSX:CADUSD)

The Canadian Press. All rights reserved.

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Economy

S&P/TSX composite little changed in late-morning trading, U.S. stock markets down

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1 week ago

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October 10, 2024

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TORONTO – Canada’s main stock index was little changed in late-morning trading as the financial sector fell, but energy and base metal stocks moved higher.

The S&P/TSX composite index was up 0.05 of a point at 24,224.95.

In New York, the Dow Jones industrial average was down 94.31 points at 42,417.69. The S&P 500 index was down 10.91 points at 5,781.13, while the Nasdaq composite was down 29.59 points at 18,262.03.

The Canadian dollar traded for 72.71 cents US compared with 73.05 cents US on Wednesday.

The November crude oil contract was up US$1.69 at US$74.93 per barrel and the November natural gas contract was up a penny at US$2.67 per mmBTU.

The December gold contract was up US$14.70 at US$2,640.70 an ounce and the December copper contract was up two cents at US$4.42 a pound.

This report by The Canadian Press was first published Oct. 10, 2024.

Companies in this story: (TSX:GSPTSE, TSX:CADUSD)

The Canadian Press. All rights reserved.

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