Source: Sharecast
The providers, known as the Sterling 20, are united in efforts to unlock billions to |build affordable homes, power communities and connect the countryside", as well as provide scale-up finance for companies working in key sectors that align with the government's Industrial Strategy, such as AI and fintech.
The Sterling 20 – which includes Aegon, Aviva, Legal & General, Nest Corporation, NOW Pensions, Phoenix Group and Royal London – will be established at the Regional Investment Summit in Birmingham on Tuesday,
The Summit will also Australia's largest pension fund, AustralianSuper, increase its investment into the UK housing market.
AustralianSuper has also announced a new investment platform dedicated to rental homes as part of plans to invest £8bn of new capital into the UK over the next five years.
"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," said chancellor Rachel Reeves.
Legal & General has kicked off the investment drive, committing £2bn to deliver 10,000 more affordable homes by 2030. Meanwhile, Nest will provide Schroders Capital with £500m, £100m of which is expected to go towards UK investments in the coming years.
"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."
