The MPs’ pension scheme has been accused of making “a mockery” of efforts to encourage investment in the London Stock Exchange. <\/p>\n
The \u00a3855.5million Parliamentary Contributory Pension Fund had just \u00a312.8million allocated to UK stocks at the end of March, compared to \u00a3462.3million in equities listed abroad. <\/p>\n
However, the shock findings come after Rachel Reeves unveiled measures to encourage more pension investment in UK assets in a bill to become law next year.<\/p>\n
The measures include consolidating assets and taking a reserve legal power to set asset allocation targets if a voluntary approach fails.<\/p>\n
Ex-Chancellor Sir Jeremy Hunt said: “If Governments from both parties want pension funds to invest more in the UK, then it rather makes a mockery of things if the parliamentary pension scheme does the opposite.”<\/p>\n
Charles Hall, who works as head of research at broker Peel Hunt, added: “It’s extraordinary that our own MPs have even lower allocation to UK equities than the average pension fund… It’s high time the MPs showed some leadership and backed UK companies.”<\/p>\n
A Treasury spokesman said: “Our pension reforms will channel more of the nation’s savings into fast-growing businesses and vital infrastructure across the UK, securing over \u00a350billion for the UK economy by 2030 and boosting retirees’ pension pots by nearly \u00a330,000.”<\/p>\n
FOLLOW BELOW FOR LIVE UPDATES THROUGHOUT THE DAY\u2026<\/p>\n
Richard Tice delivers damning verdict on dire growth rates<\/p>\n
Reform UK’s deputy leader Richard Tice has delivered a damning verdict on Britain’s direct growth rates.<\/p>\n
In a short social media post, Mr Tice said: “Labour are killing jobs & industry Labour are making us poorer.”<\/p>\n
Tories blame Rachel Reeves for GDP slump – ‘Economic mismanagement!’\u00a0<\/p>\n
Shadow Chancellor Sir Mel Stride has blamed Rachel Reeves after the ONS this morning revealed a slump in GDP growth.<\/p>\n
Sir Mel said: \u201cThis morning’s news that the economy unexpectedly shrank in the three months to October is extremely concerning but it’s as a direct result of Labour’s economic mismanagement.<\/p>\n
\u201cRachel Reeves promised growth but Labour has no plan for the economy – just their own survival, that’s why Reeves presented a Benefits Budget that rewards welfare not work.<\/p>\n
\u201cFor months, Rachel Reeves has misled the British public. She said she wouldn’t raise taxes on working people – she broke that promise again. She insisted there was a black hole in the public finances – but there wasn’t.\u201d<\/p>\n
UK economy SHRINKS by 0.1% as Rachel Reeves blamed for sparking panic ahead of Budget<\/p>\n
The UK economy shrunk by 0.1 per cent in October, according to the latest figures from the Office for National Statistics (ONS).<\/p>\n
Monthly GDP is estimated to have fallen following a fall of 0.1 per cent in September and no growth in August.<\/p>\n
During the month, the services sector fell by 0.3 per cent, while construction was down 0.6 per cent. However, production grew by 1.1 per cent.<\/p>\n
The ONS found that growth on a rolling three-month basis, to October, was down 0.1 per cent.<\/p>\n