Sunday, June 9, 2024 Our Annual Conference arrives at a critical juncture—just four weeks before the national elections. With the forthcoming government set to prioritize growth and long-term investment, our industry stands at the forefront of these vital discussions. Today, I outline the essential shifts needed to rise to this occasion.
Fundamentally, we must renew our commitment to prudent risk-taking, aiming to secure long-lasting returns for our clients. This approach will not only support UK growth through smarter capital allocation but will also advance our vision for a technology-driven UK export powerhouse, boosting overseas revenue, tax contributions, and employment in the forthcoming years. The benefits of these changes extend beyond the economic sphere—they promise profound societal improvements.
Today’s agenda seeks to enhance our industry’s role in society, broaden the understanding of long-term investment benefits, and ensure that millions enjoy a more prosperous retirement. So, what steps must we take to realize this vision? My speech today focuses on three pivotal themes: Over recent decades, safetyism has skewed our perception of risk, leading to unintended consequences that misalign with our broader economic and social needs. For instance, while de-risking defined benefit (DB) pensions makes sense on an individual scheme level, it has led to diminished UK equity investments and risk capital—a topic we have extensively discussed.
Moreover, the drive.
