Legal & General (L&G) has unveiled plans to allocate £2bn to impact investment by 2030 to accelerate regional growth and regeneration across the UK.
The investment will be deployed into assets such as infrastructure, affordable housing and urban regeneration, and will help to deliver circa 10,000 new social and affordable homes.
L&G said the investment programme would enable local and combined authorities to unlock their ambitions to drive local economic growth and respond to local needs, such as affordable housing, knowledge economy hubs, infrastructure, retrofitting homes and regeneration.
Funds will be allocated based on local needs and demand, ensuring that every project supports L&G’s dual purpose of delivering both financial returns and positive societal outcomes.
L&G has joined Sterling 20 – a new investor-led partnership comprising 20 of Britain’s largest pension providers and insurers – which will convene to identify and fund key infrastructure projects across the UK, leveraging more than £3tn in assets to drive growth and prosperity in every region.
António Simões, group chief executive officer of 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 £2bn commitment will help unlock the investment needed in productive assets across the country – creating jobs, strengthening communities, and driving both regional and national growth.”
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.”
