While the Chancellor’s plans may be met with scepticism in certain parts of the City, executives in the Square Mile largely welcomed the Government’s attempts to overhaul the investment landscape amid growing fears that London is falling behind rival financial centres. The Chancellor hopes to unlock better returns for pension savers by encouraging retirement funds to invest more cash in riskier – but higher yielding – ventures such as start-ups and private equity. Jeremy Hunt used his first Mansion House speech on Monday night to make a bold pledge: today’s young workers will be £1,000-a-year better off in retirement thanks to a series of post-Brexit reforms.
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