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  "path": "/money/pension-funds-invest-britain-labour",
  "publishedAt": "2026-07-10T14:29:38.000Z",
  "site": "https://www.gbnews.com",
  "tags": [
    "Retirement warning as millions of pensioners face £400,000 housing bill",
    "Pension warning as millions implored to avoid 'potentially devastating' inheritance mistake",
    "DWP confirms pension system shake-up as Britons could secure £9,500 retirement savings boost",
    "The GB News Editorial Charter"
  ],
  "textContent": "\n\n\nA Labour Government minister is under fire for demanding pension providers invest their clients' savings in the British economy or face the consequences.\n\nPeter Kyle, the Business Secretary, provoked fierce criticism from the financial sector after warning pension fund managers they must direct more capital towards British investments or face compulsory requirements through legislation.\n\n###\n\n\n\n\nSpeaking to The Guardian, Mr Kyle declared: \"I don't think mandation is ideal in any circumstances. But I'll use it if I have to, because I'm in a rush.\"\n\nThe minister insisted that those managing retirement savings \"should feel a patriotic duty in making Britain a success\" and told them to \"get off their high horses\".\n\n###\n\n\n\n\n###\n\n\n\n\nHe also expressed frustration at repeatedly receiving requests from the City for investment-boosting reforms that subsequently fail to materialise.\n\nSteve Webb, who served as pensions minister and now works as a partner at consultancy LCP, responded with scathing criticism of Mr Kyle's intervention.\n\nIn response to the Business Secretary's comments, Mr Webb shared: \"I think his comments are outrageous and ignorant.\"\n\nHe argued that fund managers are responsible for other people's savings and should not alter their investment strategies simply because a government minister has reprimanded them.\n\n###\n\n\n\n\n### LATEST DEVELOPMENTS\n\n\n\n\n  * Retirement warning as millions of pensioners face £400,000 housing bill\n  * Pension warning as millions implored to avoid 'potentially devastating' inheritance mistake\n  * DWP confirms pension system shake-up as Britons could secure £9,500 retirement savings boost\n\n\n\n###\n\n\n\n\n###\n\n\n\n\nThe prospect of mandation has long faced strong opposition within the pensions industry, with prominent figures including Aviva chief executive Amanda Blanc previously resisting such proposals.\n\nCritics maintain that investment decisions should prioritise delivering optimal retirement outcomes for savers rather than advancing political objectives.\n\nHe described mandatory asset allocation as \"the lazy option,\" arguing ministers should instead concentrate on making Britain an attractive destination for global investors.\n\nBritish pension funds hold trillions of pounds, yet the share invested domestically has declined sharply over recent years.\n\n###\n\n\n\n\n###\n\n\n\n\nLegislation passed this year granted ministers powers to mandate UK asset investment, though these provisions were diluted following opposition and cannot take effect until 2028.\n\nLisa Picardo, the chief business officer at PensionBee, previously said: \"Ultimately it’s consumers that will have to bear the consequences if the current Government’s instinct on returns from private market assets does not turn out to be correct over time.\n\n\"Compelling schemes to allocate capital into specific assets, even within limits, injects a new risk for savers that may ultimately undermine consumer retirement outcomes.\n\n\"Our _research_ shows that a third of British savers believe schemes should only be obliged to invest in UK assets if it leads to proven performance gains. If private markets and UK assets genuinely deliver strong returns, they will attract pension investment without the need for compulsion.\"\n\n###\n\n\n\n\n\n\n\n\n\n\n**Our Standards: The GB News Editorial Charter**",
  "title": "Pension funds told to invest in Britain or face consequences in shocking ultimatum from Labour"
}